Mavin Records, one of Nigeria and Africa’s prominent music labels, is reportedly exploring the possibility of external investment or a complete sale of the company.
An article published by Billboard on October 6, 2023, disclosed that Mavin Records is currently considering offers from various investment firms and major record labels, with Universal Music Group (UMG) and HYBE emerging as prominent contenders in the process.
According to Billboard’s report, the investment and potential sale are being evaluated at an initial value of $125 million, but this figure could potentially increase to $150 million or even $200 million.
Mavin Records has already established collaborative agreements with international entities, such as Virgin Music, an independent distribution company under UMG, which handles the distribution of Rema’s music in the United States.
The label was founded by Nigerian music executive Don Jazzy after the dissolution of his previous venture, Mohit Records. Mavin Records boasts an extensive catalog featuring the works of renowned artists like Wande Coal, Tiwa Savage, Reekado Banks, Korede Bello, Di’ja, Rema, Ayra Starr, Johnny Drille, Ladipoe, Boy Spyce, Bayyani, and the recent addition, Lifesize Teddy.
The news of Mavin Records potentially being sold did not come as a surprise to those closely following the industry discussions. During an appearance on the Zero Conditions Podcast, Don Jazzy mentioned that he would consider selling the label if the right offer came along. He also emphasized his intention to remain actively involved in overseeing the company’s operations in the event of a sale.