According to sources cited by Billboard on 6 October, the deal, estimated to be worth between $125 million and $200 million, is to secure funding for the label’s expansion, taking into account the expected rise of the African music industry on the global stage, similar to the impact seen from Latin and K-pop in recent years.
Whatever the outcome of this new deal, that is being handled with the assistance of independent investment bank Shot Tower Capital, the label anticipates retaining control of its creative direction.
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