Universal Music Group (UMG) has bought the majority stake in Afrobeats label Mavin Global. The deal is set to close by Q3 2024, pending regulatory approval.
In October 2023, MAVIN announced that it was seeking investments.
Sources said that even with the investment, the Mavin management team, led by legendary Nigerian music business executive Don Jazzy, is expected to remain in place and retain some form of control over its destiny.
Don Jazzy posted a confirmation message on his Instagram page; “I’m thrilled to announce that Mavin Records has partnered with Universal Music Group, marking a new chapter in our journey. This partnership is a milestone that recognizes our collective talent and hard work, aiming to elevate African music on the global stage.
Our collaboration with UMG will bring more music, innovation, and opportunities, allowing us to showcase African talent worldwide. While we embark on this exciting new path, our core mission and values will remain intact, ensuring that the essence of Mavin and our commitment to pushing musical boundaries continue to thrive.
This step forward is a testament to the dedication of our artists, staff, and, importantly, you, our fans, whose unwavering support has been instrumental in reaching this moment. Together, we look forward to making history, breaking more records, and building a lasting legacy.
Thank you for your continued belief in us. Here’s to our bright future together.”
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The deal by UMG to acquire Mavin includes renewing agreements, acquiring labels, and investing in music catalogues. The beat goes on for the dynamic duo, merging global forces with local vibes.
Mavin’s valuation in the proposed deal is above $125 million and could be worth $150 million to $200 million, according to sources who disclosed that Shot Tower Capital is shopping the deal.
