Sources close to SRC Records CEO Steve Rifkind confirmed to HipHopDX this morning that the Loud Records founder and seasoned record industry veteran is threatening to take SRC Records and its roster of artists off of the parent company and distributor Universal within the next few days.
The potential move is a response from soured renegotiating between Rifkind's flagship artist Akon and Universal. Both Trouble and Konvicted have surpassed platinum numbers for the label, as well as Akon's extensive production and feature work, which has included singles for Young Jeezy, Michael Jackson and Gwen Stefani.
If the move does go down, it will affect the contracts of artists like David Banner and Tami Chynn as well. Pharoahe Monch and Wu-Tang Clan are also released albums for SRC last year as well. The source said that if the move is made, Rifkind anticipates a massive bidding war for the label, its globally established artists, as well as its talented new acts.
Earlier this week, the Loud.com [click to read] winner Tha Crow was announced, and thus awarded $100,000 and a recording contract. This officially makes the Los Angeles artist the newest member of the SRC family.
DX will keep you posted on the outcome of negotiations between Akon, Rifkind and Universal.