Don Jazzy was looking for a staggering $200 million( about N153 billion) for the renowned music label in 2023.
The latest update via Music Week revealed Universal Music Group, which is considered one of the top three music corporations in the world alongside Sony Music and Warner Music Group, is set to acquire a majority investment in Don Jazzy’s Mavin Global.
According to the reports, the deal is subjected to regulatory approval. An agreement is expected to be reached by the end of Q3 2024.
The reports revealed that despite UMG’s acquisition, Mavin will maintain autonomy over its strategy and future talent development.
Also, Don Jazzy and Tega Oghenejobo will maintain their status as CEO and COO, respectively.
Mavin, which is currently home to Rema, Ayra Starr, Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boyspyce, DJ Big N and recently signee Lifesize Teddy, will see their music amplified through UMG’s global network of labels and businesses.
The Mavin boss, in a comment, expressed how proud he was to secure a historic partnership with UMG
Don Jazzy said:
I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
Netizens have also reacted to this News…
Olumide301:
Doing business with UMG seems counterproductive right now.
eteksmen:
That’s a music coup.
JubrilZakariyau:
A win for Don Baba J.
thewaleadeyemi:
I hope it eventually pans out to be a win win but what does this mean for the Artistes and their catalogues?
ShegunTweets:
E don tay he been wan sell am.
