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Universal Music Group acquires majority stake in Mavin Global

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After speculations as to the possibility of selling Mavin Music, a majority stake in the record label has finally been acquired by the biggest music company in the world.

On February 26, 2024, Universal Music Group announced its acquisition of a majority stake of Mavin with the deal said to be awaiting regulatory approval.

“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,” the press release reads.

Readers will recall that, Pulse Nigeria reported that Billboard published a story on a potential acquisition of Mavin Records by international record labels and investment companies including UMG and HYBE.

In the Billboard piece, Mavin Records was reported to have been in conversation with a potential buyer with the value of the sale placed at over $100 million.

Don Jazzy the Founder and Chairman of Mavin Records while appearing on the Zero Conditions Podcast stated that he was open to a possible acquisition of his company but insisted that such a deal must contain a clause that allows him to remain at the helm of affairs.

Speaking on the acquisition Don Jazzy said:

“ I’m proud of the artists, careers, and brand we’ve 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.”

Sir Lucian Grainge, Chairman & CEO of Universal Music Group, said, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”

The press release did not contain the value of the acquisition. However, it announced that TPG has fully exited the business, while Kupanda Capital will a remain minority investor and strategic adviser.

With the announcement of a deal with UMG, Mavin Records is now a subsidiary company of the biggest music company in the world that boasts of other branches like Defjam, Motown, Interscope, Polydor, Republic Records, and Virgin Music among many others.

Entertainment

Chris Brown opens up on dating multiple ladies

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Chris Brown, the American singer, has revealed that he is in a polygamous relationship.

Brown, in a YouTube live with Kai Cenat, the US content creator, addressed questions about his personal life.

When asked if he was in a relationship, the 35-year-old Virginia-born artiste replied, “I am in multiple”.

Cenat sought clarification, asking, “Like more than one girlfriend?” Brown responded, “Something like that”.

The award-winning singer also emphasized the importance of transparency and honesty in maintaining his polygamous relationships.

“Just keep it a hundred. Be honest,” he added.

This is not the first time Brown would be addressing polygamy.

In an interview with Hot 97, the singer opened up about the challenges of maintaining a monogamous relationship due to his celebrity status and constant exposure to women.

“The hardest part is trying to keep a monogamous relationship, but still wanting to be the 25-year-old sex symbol,” he said.

“You go to shows. You might walk by somebody’s room, and you might see about six or seven of them thangs. And you’re like, dang, I just want to slide in there and have a couple drinks real quick and I’ll tell my girl about it later.”

Born Christopher Maurice Brown, the songwriter is often referred to by his contemporaries as the “king of R&B”.

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Bimpe Akintunde warns Nigerians against scammers impersonating her on WhatsApp

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Bimpe Akintunde, the Nollywood actress, has raised an alarm over a fake WhatsApp account created in her name to scam unsuspecting individuals.

The film star took to her Instagram story to share screenshots of the impersonator, posing as her to solicit money from her followers.

Akintunde expressed her frustration and disappointment, cursing the scammer for attempting to profit from her hard work. She warned the public to be cautious of the impersonator on any media platform.

The actress urged her fans to help report the scammer’s WhatsApp and bank accounts.

She also prayed that God should keep such fraudulent individuals away from her and her loved ones.

“What a morning. Tell me how this country wants to be great, when a lot of people are struggling, working hard to build a name and brand, and boom, one person will take their pictures and name only to be defrauding people up and down,” she wrote.

“Who gave birth to such a child? Useless children, may God keep them away from us.

“Please disregard any message from anyone, either in your DM or WhatsApp, asking you to send money.

“Please, it not me. I do not own this above number. I would appreciate it if we could find a way to report both the WhatsApp and the Opay account.”

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Davido advises black Americans not to relocate to Nigeria, says ‘the economy is in shambles’

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Davido, the Afrobeats star, has advised black Americans against relocating to Nigeria, citing the country’s economic challenges.

In an appearance on The Big Homies House podcast, the singer shared his thoughts on the struggles bedeviling Nigeria, stating, “It is not cool back home. The economy is in shambles”.

Davido also mentioned Nigeria’s struggles with bad leadership, a high exchange rate, and skyrocketing oil prices, which are negatively impacting the country.

“It is not cool back home. The economy is in shambles. I do my part, I am an ambassador. When I go home and I am filming, I am no going to show the bad parts,” he said.

“I am talking about the situation in the country. Now the exchange rate is messed up, a lot of stuffs are not going well.

“The economy is just not good enough. The oil price is too high. Imagine the country that produces oil, paying more for it than a country importing oil.”

Despite the challenges, Davido emphasised the entertainment industry’s positive impact on Africa’s global image.

“Regardless, entertainment is one of the thing that has made Africa look good. We do not have the best leader, that is a fact,” he said.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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