In a recent announcement, Universal Music Group (UMG), a global music powerhouse, has revealed its acquisition of a majority stake in Mavin Records, the renowned label founded by music producer Michael Ajereh, popularly known as Don Jazzy. Nijatodaynews obtained a copy of the statement where UMG mentioned that the deal is pending regulatory approval and expected to be finalized by the third quarter of 2024. The specific value of the acquisition remains undisclosed.
Last year, Billboard reported Don Jazzy’s exploration of sale or potential investment options for the record label established in 2012. According to UMG’s statement, Mavin will maintain its independence in shaping strategies and fostering talents without external interference. Founder and CEO Don Jazzy, along with COO Tega Oghenejobo, will continue to lead the company.
Mavin Records, known for nurturing talents like Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy, will now be part of the UMG family. Don Jazzy expressed pride in the brand they’ve built and emphasized their commitment to the mission in Africa and globally through this historic partnership with UMG.
