Renowned Nigerian music producer Michael Ajereh, also known as Don Jazzy, is about to sign a massive contract with the Dutch-American international music behemoth Universal Music Group (UMG).
According to Musicweek, Universal Music Group, a strong company listed among the top three music businesses in the world with Sony Music and Warner Music Group, is poised to obtain a majority ownership in Don Jazzy’s Mavin Global label.
According to sources, the transaction is subject to regulatory approval. An agreement is likely to be achieved by the end of the third quarter 2024.
Kupanda Capital will remain a minority investor and strategic adviser in the company after the acquisition, while TPG will depart completely.
Also, Don Jazzy and Tega Oghenejobo will maintain their status as CEO and COO, respectively.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
Since its foundation in 2012, Mavin Label has nurtured a multitude of musical prodigies, including Rema, Ayra Starr, and Johnny Drille, among many more.
Billboard reported in October 2023 that Mavin Records “is seeking investment or eying a potential full sale, with bidding coming from the Universal Music Group, HYBE, and strong interest from music asset investors in the financial sector, according to sources.”
In a podcast interview in January 2024, Mavin CEO Don Jazzy claimed that international investors were courting the label.
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