American Universal Music Group buys 70% of Kenyan AI Records

Universal Music Group has bought a 70% stake in a Kenyan record label known as AI Records. The deal gives the group rights over the Kenyan company’s production archives which will be digitized in order to sell East African music to the rest of world. The list of local musicians on AI Records are Western Jazz and Afro 70 to name a few. Universal Music Group joins the group of companies that are buying African companies to get exposure to the rapidly growing African consumer base. The acquisition amount was undisclosed.

 

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