Foremost Nigerian record label Mavin Records has officially been sold to American record label Universal Music Group.
As announced by Mavin’s boss, Don Jazzy, via Instagram, UMG has partnered and is working to acquire a majority stake in the Nigerian music company Mavin Global.
Close to 80% of the shares of the record label will be bought by UMG in a deal pending regulatory approval. This deal will be completed in the 3rd quarter of this year, and Mavin Records will officially be an American record label operating in Nigeria, with hopes to expand to other African countries.
We don’t know what this means for the Nigerian music industry, but we want to congratulate Don Jazzy on his newly acquired life-changing fortune. 👏🏼🎊
It’s done!! 🎉
Source : Music Base Africa
