Universal Music Group (UMG), one of the world’s biggest music corporations, is set to aquire a majority stake in a leading African label.
UMG said on Monday that its partnership with Nigeria’s Mavin Global will “accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally”.
Mavin is credited with launching popular Afrobeats artists, like Ayra Starr and Rema, to global success.
Label owner DonJazzy, real name Michael Collins Ajereh, was quoted in a UMG statement as saying: “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.”
A completed 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.