*Music executive and Murder Inc boss Irv Gotti announced recently that he has sold a stake in his master recordings to Iconoclast that is said to be worth $300 million.
According to a media release, the deal “sees him sell his 50% ownership stake of his masters, with additional funding for various film and television projects,” Music Business Worldwide reports.
Iconoclast was founded by French-born music industry mogul Oliver Chastan. Gotti spoke about his nine-figure deal with WorldStarHipHop at the 2022 BET Awards on June 26.
“I had a conversation with a billionaire friend of mine, my man Marc Lasry, he owns the Milwaukee Bucks, I’ve known him for like 20 years,” he said. “He drilled in my head, ‘You can’t sell what you don’t own,’ and it resonated with me.”
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“I’m signing a deal worth $300 million. I’ma tell you what it is: $100 million of the deal is me selling my masters. What my billionaire n-gga was saying, he’s absolutely right. 20 years later, my masters — and I only own half, I own 50-50 with Universal Music Group — half my masters is worth $100 million. That’s f*cking insane,” he continued.
Gotti added, “Not only is the company buying my masters, but they’re giving me like a $200 million line of credit for me to not just produce and create, but now own my television [properties].”
As reported by Hip Hop DX, Gotti is developing a TV competition series called “Double Threat,” “which aims to discover the next rapping/acting superstar,” per the outlet. He is also turning his “Tales” series, which airs on BET, tnto a movie titled “Tales Presents: We Made it in America.” Per the report, the “theme song will be the JAY-Z, Kanye West and Frank Ocean track of the same name.”
“Shout out to my n-gga Hov, he gave me the record for free,” Gotti told WorldStarHipHop. “He saved me half a mil, off top! He was like, ‘Go head, kill it.’”
Gotti shared an emotional video on Instagram Tuesday showing him holding back tears while discussing the Iconoclast deal and his late father.
“This is a big day for me,” he said as he finalized the paperwork. “I’m signing a deal that’s basically gonna change the lives of my family… my sons, my daughter… and I can’t help but think of Poppi, man.”
In the caption, he wrote, “I F*CKING DID IT!! Signed my deal. Can’t lie. I got a lil emotional. Thinking about Poppi. And also thinking about how me and my family grew up. No money. To this. Also thinking about my beautiful kids. I looked At them and I said YOU GUYS ARE GOOD. LOL. Just feeling very Surreal.
“And very Thankful to GOD. GOD has been holding my hand walking me too a lot of gold. I know Poppi and Vee is up there like BLESS MY BOY!! All my people. @visionaryideas is about to deliver some great content. I sold my Past. To ignite my FUTURE. Watch your boy go.”
Meanwhile, a docuseries about Murder Inc. Records is set to drop this summer, and “Tales” returns to BET on August 9.
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