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One of Nigeria and Africa's foremost labels Mavin Records is reportedly open to investment or an outright sale.
In an article published by Billboard on October 6, 2023, Mavin Records is in the process of receiving external investment to either acquire a part of the label or an outright sale.
The article revealed that interest has been shown by different investment companies and major record labels with Universal Music Group (UMG) and HYBE leading the race.
According to Billboard, the investment and outright sale are valued at $125 million and could rise to $150 million or $200 million.
Mavins have already signed collaborative deals with international outfits. Virgin Music which is an independent distribution company under UMG distributes Rema's music in the United States.
Mavin Records was founded by Nigerian music executive Don Jazzy after disbanding his previous Mohit Records. Mavin Records boasts of a large catalogue that includes the works of Wande Coal, Tiwa Savage, Reekado Banks, Korede Bello, Di'ja, Rema, Ayra Starr, Johnny Drille, Ladipoe, Boy Spyce, Bayyani, and the recently signed Lifesize Teddy.
The news of the potential sale of the label didn't come as a surprise to many who have been following up on the conversation. While appearing on the Zero Conditions Podcast, Don Jazzy stated that he might be open to selling Mavin Records should the right offer come. He also stated that in the event of a sale he intends to remain a primary figure running the company's affairs.