• Friday, May 24, 2024
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BusinessDay

Universal Music Group to acquire majority stake in Mavin Global

Universal Music Group (UMG) is set to acquire a majority stake in Nigerian music company Mavin Global.

The deal is subject to regulatory approval, and is expected to close by the end of Q3 2024. According to a statement, Mavin team’s full-service offering in Nigeria will be amplified through UMG’s global network of labels and businesses.

As part of the agreement, Michael Collins Ajereh, popularly known as Don Jazzy, founder and chief executive officer, and Tega Oghenejobo, chief operating officer, Mavin will continue leading the company, and the firm will continue to maintain autonomy over its strategy and future talent development.

The statement read, “The partnership will accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally, expand the reach of its existing roster and continue building its business into a super-serving, pan-African entertainment company.”

According to Oghenejobo, UMG will add diversity and potential to Mavin’s business. “By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage,” he said.

Lucian Grainge, chairman, CEO, UMG noted that it is partnering with Mavin because of the label’s artists and leadership.

“With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon,” he stated.

It remains to be seen what this deal will mean for Mavin’s artist like Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boyspyce, and DJ Big N. Rema and some other Mavin artists are already part of the global network of UMG.