Nigerian singer and businessman Oluwatosin Oluwole Ajibade popularly known as Mr. Eazi has sold Vydia, the portfolio company of his venture capital fund Zagadat Capital, to content creation company Gamma, in a $1 billion buyout deal.
The $1 Billion deal takeover was led by former Apple executive Larry Jackson through his newly founded multi-faceted company Gamma. Some other investors in the deal are Apple, Eldridge Industries, and A24.
Speaking on the acquisition of Vydia, CEO of Gamma Larry Jackson said, “Gamma is built with the flexibility and aptitude that creators need to connect with fans on all formats and across all channels with transparency and no restriction. We are a progressive media company powered by the best-in-class content distribution and analytics software by way of our Vydia acquisition. And central to its core, Gamma is an ideas company”.
Larry Jackson is reported to have acquired Vydia in December last year and has struck deals with some of the world’s most renowned content creators, such as Snoop Dogg, and Usher, among several others.
Vydia is focused on building cutting-edge music technology and providing infrastructure that scales with clients’ business. Users can get to access everything they need inside the all-in-one Vydia platform and experience audio and video distribution, rights management, advanced payments, automatic royalty accounting, and daily performance analytics.
Jackson is betting that with his distribution pipeline, a bevy of big-name acts, an array of culture-driving shows, and an alliance with Indie film and TV studio A24, Gamma could give TikTok a run for its money. The Apple Music executive wants to run Gamma with a closer focus on and more sensitivity to Black culture.
On the other hand, Investors King understands that Mr. Eazi is no stranger to the world of investment. In 2020, he raised $20 million for his Africa Music Fund (AMF) to invest in the careers of African music talents.
Since Mr. Eazi launched Zagadat Capital in 2021, the company has invested in tech companies such as remittance-based lending company, Paisa, Eden Life, African fintech Pawapay, and most recently South Africa basketball team CapeTown Tigers. Mr. Eazi’s Zagadat Capital plans to direct funding to startups and businesses that will power Africa’s tech future.