Don Jazzy sells Mavin Records to Universal Music Group
Universal Music Group (UMG), one of the world’s largest music companies, has announced its acquisition of the majority stake in Mavin Records, founded by renowned music producer Michael Ajereh, popularly known as Don Jazzy.
In a press statement on Monday, UMG said the agreement was still awaiting approval from regulatory authorities, and it is anticipated to be finalised by the third quarter of 2024. However, the company did not disclose the value of the acquisition.
“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,” it stated.
Last year, Billboard reported that Don Jazzy sought to explore options for a sale or potential investment in the record label founded in 2012.
According to UMG’s statement, Mavin will retain independence in shaping its strategies and nurturing future talents without external interference.
It added, “As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.”
Mavin Records is a talent hub with stars like Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.
In an interview, Don Jazzy said he was “proud of the artistes, careers and the brand they have 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,” he added.
Reacting to the development, Lucian Grainge, the chairman and CEO of UMG, said, “With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.”
Should this agreement be finalised, artistes signed to Mavin Records would be restricted from using their songs on TikTok due to the existing agreement between UMG and TikTok.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
West Africa adopts declaration to unlock youth potential
West African countries have adopted the Freetown Declaration, outlining actions to expand youth employment and accelerate inclusive economic transformation across the subregion.
Heading 2
Emulate Americans, use your votes against APC in 2027, ADC tells Nigerians
The ADC said the American voters understood something Nigerian voters also needed to learn.
Economy
Kaduna: Tricycle riders stranded amid days-long CNG queues
Commercial tricycle riders in Kaduna have lamented the prolonged disruption in compressed natural gas supply, spending days at filling stations without getting supplies.
Politics
SDP fields candidates in 95% of elective positions in Benue, says chieftain
Sabastine Hon, the Social Democratic Party governorship candidate in Benue, says the party is fielding candidates for more than 95 per cent of elective positions.
Heading 1
I drove taxi, did several jobs to fund my education in U.S.: Tinubu
The President urged Nigerians to visit edu4pbat.ng to explore the initiative and provide feedback on challenges affecting education in their communities.
Heading 5
U.S. congresswoman IIhan Omar secures fifth-term victory
The re-elected lawmaker described the results in Minnesota and across the country as a rejection of the Trump administration.
