Report: Don Jazzy Seeks Investment or Sale of Mavin Records Valued at Over N153 Billion
- Mavin Records, owned by Don Jazzy, wants new investment as he aims to expand Mavin Records in the growing African music market
- Don Jazzy is, however, not ruling out a complete sale if investors could match his asking price of around $125 million to $200 million
- Already, major entertainment firms like Universal Music Group (UMG), including music asset investors in the financial sector, have all shown interest
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Top Nigerian music producer and entrepreneur Michael Collins Ajereh, widely known as Don Jazzy, is reportedly exploring the possibility of selling Mavin Records.
According to a report from Billboard, Don Jazzy is looking for a staggering $200 million( about N153 billion) for his renowned music label.
Source: UGC
According to sources cited in the report, bids have come from the Universal Music Group, HYBE as well as from music asset investors in the financial sector.
Details of the mavin record deals
Shot Tower Capital is said to be the company that will facilitate the negotiations for the potential acquisition, and the proposed valuation falls within the range of $125 million to $200 million.
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It was said that this may or may not involve the music catalogue of signees under contract at the label.
Also it was added that rather than an outright sale, the label is also considering an equity investment, with several interested parties already expressing their intentions.
Also, Don Jazzy is expected to retain a significant level of control and influence over the label's future direction and operations, even in the event of a sale and wants control over the brand destiny.
Mavins records
Don Jazzy founded Mavin Records in in 2012 after his split with Dapo “D’Banj” Oyebanjo.
The record label has been a powerhouse in the Nigerian and global music scenes, boasting a roster of talented artists.
Some of the talents include Rema, Ayra Starr, Crayon, and LadiPoe, among others.
The label has gone on to further the careers of established artists like Tiwa Savage, D’Prince, and Dr Sid and launched the careers of Reekado Banks, Korede Bello, and Di’ja.
Rema and Ayra Starr are stellar assets of the label.
In the US, Rema has 287 million streams, and Ayra Starr has 203 million streams.
Erekere visits Mavin, steals Rema's Headies Award
In another report, Legit.ng revealed that Erekere ‘Pastor Pikin' stirred funny reactions after he shared a video of leisurely walking into Mavin's office.
With Mavin's boss, Don Jazzy, out of Nigeria, Erekere was seen rocking his oversized blue shirt and black trousers as he strolled into the office.
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Towards the end of the video, he was also spotted trying to sell Rema's Headies award.
Source: Legit.ng
