Universal Music Group Acquires Dominant Stake In Mavin Records

Universal Music Group has obtained a controlling interest in Mavin Records, the Nigerian music label helmed by Michael Ajereh, known as Don Jazzy. Confirming the acquisition, the chief of the multinational entertainment and record label conglomerate expressed pride in the accomplishments of Mavin, acknowledging its influential position in the industry. He emphasized the commitment to furthering Mavin's mission both within Africa and worldwide through this landmark partnership with UMG.

The announcement follows recent speculation about the potential sale of Mavin Records, which was founded by Don Jazzy, the renowned Nigerian music producer, in 2012. The label boasts a roster of talented artists including Ayra Starr, Johnny Drille, Crayon, Rema, and Ladipoe, and has been honored with prestigious awards such as the MTV Africa Music Award for Best Record Label in 2013 and 2014.

In its statement, Universal Music Group lauded Mavin Records as a driving force in the Afrobeats scene, emphasizing its role in shaping the continent's music landscape. The agreement ensures that Mavin will retain autonomy over its strategic direction and talent development, with Don Jazzy and Tega Oghenejobo continuing to lead the company.

The partnership aims to propel Mavin's strategic growth and create opportunities for talent on a global scale, with plans to expand the label's reach and transform it into a comprehensive pan-African entertainment enterprise.

For Universal Music Group, the investment represents an opportunity to bolster its presence in the Afrobeats genre and gain greater access to the burgeoning African market. TPG Growth, former investors in Mavin, have ceased their involvement with the label, while Kupanda Capital will remain a minority investor and strategic advisor.

Lucian Grainge, chairman and CEO of Universal Music Group, expressed excitement about the collaboration, highlighting Mavin's exceptional artists and entrepreneurial spirit. He praised Mavin's role in elevating Afrobeats to a global phenomenon and welcomed them into the Universal Music Group family.