Mavin Records has been a powerhouse in the Afrobeats scene for more than a decade. Founded by Don Jazzy in 2012, it’s the label behind global stars like Rema, Ayra Starr, and Ladipoe.
So when news broke that Universal Music Group (UMG) acquired a majority stake in Mavin, people everywhere wondered: How much did Don Jazzy sell his record label for?
This isn’t just business — it’s a turning point in African music. The deal reflects not only the value of Mavin’s catalog and talent but also the confidence major global players have in the future of Afrobeats.
In this article, I break down what’s publicly known, what’s estimated, and what this deal means for Don Jazzy and Mavin Records moving forward.
The Deal: What Really Happened
In early 2024, Universal Music Group confirmed it had acquired a majority stake in Mavin Global, the company behind Mavin Records. The acquisition was structured in a way that allows Mavin to retain its creative control. Don Jazzy (Michael Collins Ajereh) and COO Tega Oghenejobo are still in charge of the label’s direction.
According to multiple reports, the deal was expected to close by the third quarter of 2024, pending regulatory approval.
How Much Was Mavin Valued At?
Here’s the tricky part: Universal and Mavin never officially disclosed the exact amount paid in public statements. But industry reports and financial news give us a strong estimate.
According to Nairametrics, UMG’s acquisition comes after Mavin was valued at $125 million, with some sources suggesting the final deal value could go up to $150–$200 million.
The Link News places the deal value as high as $200 million, describing UMG’s stake as a “majority investment.”
Vanguard describes this as one of the biggest exits in African entertainment, hinting that this is not just an investment — it’s a significant capital milestone.
So, while we don’t have a precise sale price, the best publicly available estimate is that Mavin Global was valued between $125 million and $200 million at the time of the deal.
Why UMG Went for Mavin
There are several reasons UMG was willing to make this kind of move:
- Afrobeats Is Booming Globally
Afrobeats isn’t just a West African phenomenon anymore — it’s a global movement. Mavin has produced artists whose reach now extends far beyond Nigeria, and UMG clearly saw that as an opportunity to expand its footprint in Africa. - Mavin’s Roster Is a Goldmine
With talents like Rema and Ayra Starr, Mavin isn’t just making local hits — they’re making international superstars. Investing in Mavin means investing in some of the fastest-growing artists in the world. - Long-Term Vision
Mavin hasn’t been about quick money. The company has built real infrastructure: artist development, production teams, a strong local brand. That fit UMG’s model well — not just for streaming revenue, but for catalog value and future growth.
What Don Jazzy Gained — and What He Gave Up
What He Gained:
Access to UMG’s global network: This opens up opportunities for Mavin artists to break into more markets.
Institutional capital: Partnering with UMG means financial backing to scale operations, invest in new talent, and expand Mavin’s reach.
Expertise: While Don Jazzy remains in charge, having UMG’s experience and systems helps Mavin run more professionally and globally.
What He Let Go Of:
Majority control: By selling a large stake, Don Jazzy surrendered some ownership.
Exit of Investors: Reports say that TPG Growth, a previous major investor, exited the business as part of the deal.
Higher stakeholder expectations: With UMG involved, there may now be higher performance expectations and more pressure to scale.
The Bigger Impact on Afrobeats and Africa’s Music Industry
This deal is more than just business for Don Jazzy — it’s a signal. It tells the world that African music labels can grow to a point where global giants want in, not just as distributors, but as partners.
Talent Development: With UMG’s money and infrastructure, Mavin can nurture more African artists.
Global Reach: Mavin artists now have more pathways to break into markets in Europe, the Americas, and Asia.
Industry Legitimacy: Seeing UMG valuing Mavin so highly gives credibility to other African labels and can encourage more investment into local music businesses.
Final Thoughts
So, how much did Don Jazzy sell Mavin Records for? There’s no official, confirmed price — but the best estimates put the valuation somewhere between $125 million and $200 million. That’s not just a payday; it’s a legacy.
What matters most is not just that Don Jazzy cashed out, but that he did so in a way that maintains his influence and vision for Mavin. Selling to UMG doesn’t mean losing his label — it means upgrading the platform.
This move could mark the next phase of Afrobeats’ global domination — and Don Jazzy is going along for the ride, still at the steering wheel.
