Universal Music Group (UMG), renowned as a titan in the music industry, has secured a majority stake in Mavin Global, a prominent Nigerian record label, marking a significant move in the global music landscape.
The announcement, made on Monday, underscores UMG’s strategic investment in Mavin Global, renowned for its role in cultivating talents such as Ayra Starr and Rema, who have achieved immense success in the vibrant Afrobeats genre.
DonJazzy, the visionary behind Mavin, expressed pride in the label’s accomplishments, stating, “I’m proud of the artists, careers, and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
UMG highlighted that this alliance would bolster Mavin’s presence and offerings in Nigeria, leveraging UMG’s expansive global network while ensuring Mavin retains its autonomy in shaping its strategy and nurturing future talents.
Key figures within Mavin, including Founder and CEO Don Jazzy and COO Tega Oghenejobo, will continue to spearhead the label’s operations, providing UMG with the opportunity to collaborate with seasoned local executives and adept A&R professionals.
Although specific financial details were not disclosed, the statement confirmed TPG Records’ complete divestment from the business, with Kupanda Capital retaining a minority stake and advisory role. The transaction remains subject to regulatory approval, expected to conclude by the end of Q3 2024.