FLASH SALES

Don Jazzy Sells Majority Stake in Mavin Records to Universal Music Group

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Don Jazzy Mavings Records Deal

Universal Music Group (UMG), a leading global music company, has announced its acquisition of the majority stake in Mavin Records, the renowned record label founded by music producer Michael Ajereh, popularly known as Don Jazzy.

In a press statement released on Monday, UMG revealed that the agreement is pending approval from regulatory authorities and is expected to be finalized by the third quarter of 2024. The financial details of the acquisition were not disclosed.

“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 statement read.

Reports from last year indicated that Don Jazzy was exploring options for the sale or potential investment in Mavin Records, which was founded in 2012.

According to UMG, Mavin will maintain its independence in shaping strategies and nurturing future talents without external interference. Don Jazzy and COO Tega Oghenejobo will continue to lead the company under the agreement.

Mavin Records boasts a roster of talented artists including Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.

Don Jazzy expressed his pride in the artists, careers, and brand that have contributed to Mavin’s success, stating, “In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”

UMG’s chairman and CEO, Lucian Grainge, hailed Don Jazzy, Tega, and the Mavin Global team as ideal partners for growth. However, if the agreement is finalized, Mavin Records artists may face restrictions on their music’s usage on TikTok due to an existing agreement between UMG and the platform.

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