Don Jazzy: Universal Music Group Acquires Majority Share in Mavin Record For $150m, Details Emerge

• One of the top three global music corporations, Universal Music Group, is set to buy out a majority stake in Don Jazzy's Mavin music label
• The reports revealed that the acquisition is expected to be finalised by the end of the third quarter of this year
• Mavin label, created in 2012, is currently home to Rema, Ayra Starr, and Johnny Drille, among other talented acts

Nigerian ace music producer Michael Ajereh, aka Don Jazzy's Mavin Records, is set to seal a deal with Dutch–American multinational music corporation Universal Music Group, also known as UMG.

Legit.ng recalls reporting that Don Jazzy was looking for a staggering $200 million (about N153 billion) for the renowned music label in 2023.

The latest update via Musicweek 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.

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Details about Mavin Record's deal with UMG

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.

Below is a post by Obi Asika hinting the deal was worth $150m

Don Jazzy reacts to new deal with UMG

The Mavin boss, in a comment, expressed how proud he was to secure a historic partnership with UMG

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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 react to UMG and Mavin's deal

Legit.ng captured some of the reactions that trailed the report from Nigerian netizens; see them below:

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."

Don Jazzy fumes over Valentine's gift

Meanwhile, Legit.ng recalls reporting that Don Jazzy was one of the famous celebrities who got a bouquet on Valentine's Day.

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Don Jazzy sends powerful message to entrepreneurs after sealing million dollars deal with UMG

In a video the Mavin boss shared on his Instagram page, a man approached him on his way out with his crew and decided to hand him a bouquet.

Don Jazzy rejected the flowers as he queried the man about the sender.

Source: Legit.ng