According to the information released by one of the biggest recording label in the world Universal Music Group (UMG), the company will now take full ownership of Mavins record after paying a heart blowing amount of money that was not revealed.

Mavins record own by Don Jazzy having been officially sold out to the American base music record label which accommodates numerous superstars from Nigeria like Ayra Starr, Rema, Crayon and others.

According to the statement released, it says “Universal Music Group (UMG), the world leader in music-based entertainment, today announced a majority investment in one of the world’s most dynamic and exciting independent record labels, Mavin Global (Mavin). The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024,” 

According to UMG’s statement, Mavin will retain independence in shaping its strategies and nurturing future talents without external interference.

Also the statement says “As part of the agreement, founder and CEO Don Jazzy and COO Tega Oghenejobo will continue leading the company.”

Mavin Records is a talent hub with stars like Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy. 

In an interview, Don Jazzy said he was “proud of the artistes, careers and the brand they have 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,” he added.

Mavins record who replied to the new innovation few hours ago on the social media page, said “Dear Mavin Family,

“We are thrilled to announce that Mavin Records has partnered with Universal Music Group, marking a new chapter in our journey.

“This partnership is a milestone that recognizes our collective talent and hard work, aiming to elevate African music on the global stage.

“Our collaboration with UMG will bring more music, innovation, and opportunities, allowing us to showcase African talent worldwide.

“While we embark on this exciting new path, our core mission and values will remain intact, ensuring that the essence of Mavin and our commitment to pushing musical boundaries continue to thrive.

“This step forward is a testament to the dedication of our artists, staff, and, importantly, you, our fans, whose unwavering support has been instrumental in reaching this moment.

“Together, we look forward to making history, breaking more records, and building a lasting legacy.

“Thank you for your continued belief in us. Here's to our bright future together.”

Reacting to the development, Lucian Grainge, the chairman and CEO of UMG, said, “With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together.”

Should this agreement be finalised, artistes signed to Mavin Records would be restricted from using their songs on TikTok due to the existing agreement between UMG and TikTok.