Nigerian singer, producer and music executive, Micheal Collins Ajereh, popularly known as Don Jazzy, has sold his highly recognized record label, Mavin Records to Universal Music Group which has acquired a majority of its stake.
In a statement released on Monday, the UMG stated that the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.
FTN recalls that in October 2023, Billboard reported that Mavin Records “is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources.
READ ALSO: Tinubu reduces 263 MDAs to 161 as FEC adopts Oronsaye’s report
Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.
-Advertisement-
The deal will see Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo continuing to run the company.
UMG boss, Sir Lucian Grainge said, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,”
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
Meanwhile, in a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
