Nkonkonsa Celebrity Gossip From Africa
Renowned Nigerian record label Mavin Global, which was created by Don Jazzy is home to Rema, Ayra Starr, Crayon, and Ladipoe among others, was acquired by the Universal Music Group for a 75% interest.
The firms stated that assuming regulatory approval, the merger should be finalized by the third quarter.
The agreement’s terms were kept a secret. But according to a Billboard story from October, Shot Tower Capital was shopping Mavin at a valuation of more than $125 million, with a $150 million to $200 million asking price;
Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG chairman/CEO Lucian Grainge said in a statement announcing the deal. “With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.
According to a press release, the investment is intended to accelerate Mavin’s global expansion, with particular emphasis on the company’s Artist Academy, which develops its roster’s range of musical and performance abilities, and its executive leadership team, which aims to develop the next wave of African leaders in the music industry.
“With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business,” Oghenejobo said in a statement.
“UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage” he added.
