UMG's majority investment in Mavin Records, pending regulatory approval and slated for completion by Q3 2024, retains Don Jazzy and Tega Oghenejobo in leadership roles. However, Mavin artists may face restrictions on TikTok use due to UMG's existing agreement with the platform.

Universal Music Group (UMG), a leading global music conglomerate, has revealed its purchase of a controlling interest in Mavin Records, the brainchild of acclaimed music producer Michael Ajereh, widely recognized as Don Jazzy.

In a press release issued on Monday, UMG stated that the deal is pending approval from regulatory bodies and is expected to be completed by the third quarter of 2024. However, the company refrained from disclosing the acquisition's value.

"Universal Music Group (UMG), a global leader in music-driven entertainment, has revealed a significant investment in Mavin Global (Mavin), one of the most vibrant and innovative independent record labels worldwide. The transaction is pending regulatory clearance and is projected to conclude by the end of the third quarter of 2024," the announcement reads.

In a report last year, Billboard disclosed Don Jazzy's pursuit of exploring sale or investment opportunities for the record label established in 2012.

UMG's statement emphasizes that Mavin will maintain its autonomy in crafting strategies and fostering emerging talents without external influence.

Furthermore, it stated, "Founder and CEO Don Jazzy, along with COO Tega Oghenejobo, will remain at the helm of the company as part of the agreement."

Mavin Records serves as a talent powerhouse boasting stars such as Rema, Ayra Starr, Crayon, Ladipoe, Johnny Drille, Magixx, Bayanni, Boyspyce, DJ Big N, and Lifesize Teddy.

Don Jazzy expressed his pride in the artists, their careers, and the brand they've collectively cultivated, which has propelled Mavin to its current prominence.

He further remarked, "In this landmark partnership with UMG, we are committed to advancing that mission in Africa and on a global scale."

Lucian Grainge, the chairman and CEO of UMG, responded to the development by stating, "With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we've discovered perfect collaborators to progress together."

If this agreement is finalized, artists under Mavin Records would be prohibited from using their music on TikTok, as per the existing agreement between UMG and TikTok.