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Universal Music acquires majority stake in Don Jazzy’s Mavin Records

Universal Music acquires majority stake in Don Jazzy’s Mavin Records 1

Nigerian music producer, Michael Ajereh, who is also known as Don Jazzy, is set to close a deal with Universal Music Group (UMG).

Mavin Records, which is owned by Don Jazzy, had been seeking investment or a potential full sale, with interests coming from UMG, HYBE and other investors in the global industry.

In a January 2024 podcast interview, Don Jazzy confirmed that foreign investors have been showing interest in his label.

As it turns out, UMG has now acquired the majority stake in Mavin Records. The acquisition is however subject to regulatory approval and is expected to be closed by the end of the third quarter of 2024.

ALSO READ: How Don Jazzy spent N170 million on five Mavin artistes in 2023

Following the transaction, investment firm Kupanda Capital will continue to be a minority investor and a strategic advisor in the business. However, TPG will completely exit as a part of the deal.

Don Jazzy and COO Tega Oghenejobo will continue to run the company.

UMG boss, Sir Lucian Grainge pointed out that the company’s criteria for identifying partners are “great artists, great entrepreneurs, great people,” and with Don Jazzy, Tega, and the Mavin Global team, they have found ideal partners to grow together.

ALSO READ: I look out for talent, luck when signing artistes – Don Jazzy

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With around five years of experience writing for both traditional and new media, Somtochukwu Epum is a phenomenal writer in the educational and entertainment space. He has an exquisite taste in fashion, music and the good things of life, if he says so himself. He dreams of travelling the length and breadth of Nigeria and beyond. You can find him on instagram @watashi.wa.sommie.
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