Following anticipation that Mavin Music could be sold, the world’s largest music corporation has officially purchased a majority ownership in the record label.
On February 26, 2024, Universal Music Group announced the acquisition of a majority share in Mavin, with the transaction stated to be pending regulatory approval.
“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,” the press release reads.
According to HowNG, Billboard claimed that Mavin Records could be acquired by multinational record labels and investment organizations like as UMG and HYBE.
According to Billboard, Mavin Records was in talks with a possible bidder about a deal worth more than $100 million.
Don Jazzy, the Founder and Chairman of Mavin Records, revealed on the Zero Conditions Podcast that he was open to the possibility of his firm being acquired, but requested that such a deal include a stipulation allowing him to remain in charge.
Speaking on the acquisition Don Jazzy said:
“ I’m proud of the artists, careers, and brand we’ve 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.”
Sir Lucian Grainge, Chairman & CEO of Universal Music Group, 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. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
The acquisition’s value was not disclosed in the press announcement. TPG, on the other hand, has indicated that it has completely exited the business, with Kupanda Capital remaining as a minority investor and strategic consultant.
With the news of a contract with UMG, Mavin Records has become a subsidiary of the world’s largest music firm, which also includes Defjam, Motown, Interscope, Polydor, Republic Records, and Virgin Music, among others.
