Universal Music Group (UMG), the global music powerhouse, has announced its acquisition of a majority stake in Mavin Global, one of Africa’s most prominent independent record labels.
The deal, disclosed in a statement by UMG on Monday, is currently awaiting regulatory approval but is expected to be finalized by the end of Q3 2024.
The acquisition marks a significant milestone for both UMG and Mavin Global, positioning them for further growth and expansion in the dynamic African music market.
Mavin Global, founded by Michael Collins Ajereh, popularly known as Don Jazzy, has been instrumental in shaping the landscape of Afrobeat music and promoting African talent on the global stage.
Under the terms of the agreement, Mavin Global will benefit from UMG’s extensive global network of labels and resources while retaining autonomy over its creative direction and talent development strategies.
Don Jazzy and Tega Oghenejobo, the Chief Operating Officer of Mavin Global, will continue to lead the company, ensuring continuity and innovation within the label.
The acquisition underscores UMG’s commitment to investing in diverse music markets and collaborating with visionary entrepreneurs like Don Jazzy to drive innovation and artistic excellence in the ever-evolving music industry landscape.
