Universal Music Group to obtain major stakes in Mavins Records
Giant music company, Universal Music Group (UMG), is set to aquire a majority stake in Nigeria’s Mavin Global.
UMG said in a statement according to news reports that its partnership with the record label, Mavin Global will “accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally”.
Mavin Records is responsible for the launching of popular artists, like Ayra Starr and Rema, Crayon, Johnny Drille, Ladipoe, Magixx, Boy Spyce, Bayanni, and Lifesize Teddy to global success.
Expressing pride and excitement, label owner DonJazzy, said in a statement that “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.”
The deal would see UMG owning more than 50% of Mavin’s shares and having a final say on company policy. However, UMG insisted in its statement that Mavin will “maintain autonomy over its strategy and future talent development”.
Sir Lucian Grainge, head of UMG said: “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.”
The deal, which is subject to the regulatory authority’s approval, is expected to be completed later in the year.
BBC/S.S
