Entertainment
Mavin Records’ Majority Ownership Is acquired By Universal Music Group
Mavin,aNigerianrecordlabel,hasseenitsmajorityownershippurchasedbyUniversalMusicGroup. Thedealisstillpendingregulatoryapproval,accordingtoastatementfromUMGissuedonMonday,anditisanticipatedtoclosebytheendofQ32024.
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Afterthedealcloses,investmentfirmKupandaCapitalwillcontinuetoadvisethecompanystrategicallyandasaminorityinvestor,whileTPGwillcompletelyexitthebusiness. DonJazzy,thefounderandCEOofMavin,andTegaOghenejobo,theCOO,willcontinuetoleadthebusinessfollowingthedeal. UMGCEOSirLucianGraingestated,“Ourcriteriaforidentifyingpartnersisstraightforward:greatartists,greatentrepreneurs,andgreatpeople.”
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AccordingtoBillboard,whichpublishedanarticleinOctober2023,MavinRecords“isseekinginvestmentoreyingapotentialfullsalewithbiddingcomingfromtheUniversalMusicGroup,HYBEandstronginterestfrommusicassetinvestorsinthefinancialsector,accordingtosources.” InJanuary2024,DonJazzy,theCEOofMavinRecords,acknowledgedinapodcastthatforeigninvestorswerepursuingthelabel.
