Entertainment
DON JAZZY: Universal Music Group Acquires Majority Stake in Nigerian Record Label Mavin Global
The Universal Music Group has acquired a majority stake in Mavin Global, the renowned Nigerian record company founded by Don Jazzy. This deal, subject to regulatory approval and expected to be finalized by the third quarter, marks a significant partnership between the two entities.
While specific financial terms were not disclosed, reports suggest a valuation exceeding $125 million, with Don Jazzy and COO Tega Oghenejobo continuing to lead Mavin Global.
Lucian Grainge, UMG’s chairman/CEO, expressed excitement about the collaboration, citing Mavin’s influential artists and entrepreneurial spirit. With hits like Rema’s “Calm Down,” Mavin has already made waves globally, and this investment aims to further propel its growth.
The partnership also underscores UMG’s commitment to fostering African talent and expanding its presence in the thriving Afrobeats scene.
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