Rédaction Africa Links 24 with Sunny Green Itodo
Published on 2024-02-26 13:42:17
Universal Music Group has made an exciting move with the recent acquisition of a majority stake in Nigerian record label, Mavin. This strategic deal, announced in a statement released on Monday, is still pending regulatory approval but is expected to be finalized by the end of Q3 2024.
The investment firm Kupanda Capital, which currently holds a minority stake in Mavin, will continue to be involved as a strategic advisor after the transaction is completed. However, another investor, TPG, will be exiting the business entirely as part of this deal. The acquisition will allow Mavin founder and CEO Don Jazzy, along with COO Tega Oghenejobo, to retain their positions and continue to lead the company.
UMG boss Sir Lucian Grainge expressed his confidence in the partnership, stating, “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.” This collaboration signals a promising future for both Universal Music Group and Mavin.
This acquisition comes after reports last year that Mavin Records was seeking investment opportunities or considering a potential full sale. Multiple entities, including Universal Music Group, HYBE, and various music asset investors, showed interest in partnering with the renowned Nigerian record label. In a podcast interview earlier this year, Mavin CEO Don Jazzy confirmed that foreign investors were indeed pursuing the label.
The music industry landscape is constantly evolving, with collaborations and acquisitions playing a significant role in shaping its future. The partnership between Universal Music Group and Mavin is a testament to the global appeal and talent of Nigerian artists and entrepreneurs. As one of the leading record labels in Nigeria, Mavin has built a solid reputation for nurturing exceptional talent and producing hit songs that resonate with audiences worldwide.
With the support and resources of Universal Music Group, Mavin is poised to expand its reach and influence in the music industry. The deal not only solidifies Mavin’s position as a powerhouse in African music but also opens up new opportunities for growth and innovation. Fans can expect more exciting music releases and collaborations as Mavin continues to make its mark on the global music scene.
As the deal nears completion, stakeholders in the music industry are eagerly anticipating the impact of this partnership. With the combined expertise and resources of Universal Music Group and Mavin, the future looks bright for both entities. This acquisition marks a significant milestone in the continued growth and success of Mavin Records and reinforces Nigeria’s position as a major player in the global music industry.
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