Following widespread rumors about the potential sale of Mavin Music, the record label has now officially become part of the world’s largest music corporation.
“Today, Universal Music Group (UMG), the global leader in music entertainment, has announced a significant investment in Mavin Global (Mavin), one of the most innovative and influential independent record labels worldwide. This acquisition is currently awaiting regulatory clearance and is anticipated to be finalized by the end of the third quarter of 2024,” stated the press release.
A report by Billboard earlier disclosed that Mavin Records was in talks with an interested purchaser, with the transaction’s value rumored to be upwards of $100 million.
Don Jazzy, the founder and chairman of Mavin Records, shared on the Zero Conditions Podcast his openness to selling his company, emphasizing that any deal would need to include a provision for him to continue leading the company.
Regarding the acquisition, Don Jazzy expressed:
“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, commented, “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.”
Although the acquisition’s financial details were not disclosed in the press release, it was announced that TPG has exited its full stake in the company, with Kupanda Capital remaining as a minority investor and strategic advisor.
With UMG’s acquisition, Mavin Records joins the ranks of the world’s leading music corporation, aligning with prestigious labels such as Defjam, Motown, Interscope, Polydor, Republic Records, and Virgin Music, among others.
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