Universal Music Group (UMG), one of the world’s largest music companies, has announced its acquisition of the majority stake in Mavin Records, founded by renowned music producer Michael Ajereh, popularly known as Don Jazzy.
In a press statement on Monday, UMG said the agreement was still awaiting approval from regulatory authorities, and it is anticipated to be finalised by the third quarter of 2024. However, the company did not disclose the value of the acquisition.
“Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,” it stated.
Last year, Billboard reported that Don Jazzy sought to explore options for a sale or potential investment in the record label founded in 2012.
According to UMG’s statement, Mavin will retain independence in shaping its strategies and nurturing future talents without external interference.
It added, “As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.”
Mavin Records is a talent hub with stars like Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.
In an interview, Don Jazzy said he was “proud of the artistes, careers and the brand they have 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,” he added.
Reacting to the development, Lucian Grainge, the chairman and CEO of UMG, said, “With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.”
Should this agreement be finalised, artistes signed to Mavin Records would be restricted from using their songs on TikTok due to the existing agreement between UMG and TikTok.