DON JAZZY has SOLD Mavin Records

DON JAZZY has SOLD Mavin Records!

He sold it to Universal Music Group (UMG), one of the world’s largest music companies

UMG today announced its acquisition of the majority stake in Mavin Records.

In a press statement on Monday, UMG said the agreement was still awaiting approval from regulatory authorities, and it is anticipated to be finalised by the third quarter of 2024. However, the company did not disclose the value of the acquisition.

“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,” it stated.

Last year, Billboard reported that Don Jazzy sought to explore options for a sale or potential investment in the record label founded in 2012.

According to UMG’s statement, Mavin will retain independence in shaping its strategies and nurturing future talents without external interference.

It added, “As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.”

Mavin Records is a talent hub with stars like Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.