Universal Music Group Acquires Majority Stake in Mavin Global

Overview

• Universal Music Group has acquired a majority stake in Mavin Global, one of Africa's leading independent record labels.
• The deal, subject to regulatory approval, is expected to close by September 2024.
• Mavin, founded by Don Jazzy in 2012, has been instrumental in the global rise of Afrobeats, with artists like Rema and Ayra Starr.
• The acquisition includes plans for an artist academy and an executive leadership program to foster new talent in the African music industry.
• Mavin will retain autonomy over its strategy and future artist development, continuing under the leadership of Don Jazzy and COO Tega Oghenejobo.