In a move set to reshape the African music landscape, Mavin Global, the leading Nigerian record label founded by music mogul Don Jazzy, has secured a majority stake acquisition by Universal Music Group (UMG), the world’s largest music company.
The announcement, made official on February 26th, marks a significant moment for both parties. Mavin, home to top Nigerian artists like Rema, Ayra Starr, and Ladipoe, is poised to leverage UMG’s extensive global network for further growth and international exposure for its artists.
While the exact financial details remain undisclosed, reports estimate the deal’s value to be between $125 million and $200 million. Notably, the agreement grants Mavin autonomy over its strategic direction and talent development, meaning Don Jazzy and his team will continue to steer the creative vision of the label.
“I’m proud of the artists, careers, and brand we’ve built that have made Mavin the force it is today,” said Don Jazzy in a statement. “In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
UMG, in turn, gains a foothold in the ever growing African music market, with Mavin serving as an avenue to reach new audiences and develop local talent.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” stated Sir Lucian Grainge, Chairman and CEO of UMG. “Mavin ticks all the boxes.”
The deal, however, remains subject to regulatory approval and is expected to finalize by the end of the third quarter of 2024. This historic partnership promises to be a game-changer, not only for Mavin and UMG, but for the entire African music industry.
