Bisina SomtoOn February 26, 2024, Universal Music Group announced its acquisition of a majority stake of Mavin with the deal said to be awaiting 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.
Join our WhatsApp ChannelThis move by UMG underscores its commitment to expanding its influence and fostering partnerships with key players in the global music scene. The anticipation surrounding this acquisition had been palpable, especially after reports surfaced regarding potential interest from international record labels and investment firms, including UMG and HYBE, as highlighted in a previous Billboard article.
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Founder and Chairman of Mavin Records, Don Jazzy, had hinted at the possibility of such a development, expressing openness to an acquisition while emphasizing the importance of maintaining leadership control within the company.
His vision for Mavin’s future aligns with the values and objectives of UMG, as evidenced by the shared enthusiasm expressed by both parties following the announcement.
Don Jazzy articulated his pride in Mavin’s achievements thus far and conveyed optimism for the future, stating, “In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
His sentiments were echoed by Sir Lucian Grainge, Chairman & CEO of Universal Music Group, who highlighted the exceptional talent and entrepreneurial spirit embodied by Mavin and its roster of artists.
While specific financial details of the acquisition were not disclosed in the press release, it was confirmed that TPG has exited the business entirely, while Kupanda Capital will remain a minority investor and strategic advisor.
With this strategic alliance, Mavin Records now joins the illustrious roster of subsidiary companies under the UMG umbrella, which includes iconic labels such as Def Jam, Motown, and Interscope, further solidifying UMG’s position as the preeminent global music entity.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
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As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
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