Lil Wayne was allegedly making some major money moves behind the scenes this summer. According to Music Business Worldwide, the multiplatinum-selling rapper sold the Young Money catalog to Universal Music Group for $100 million in June. At least that’s what his ex-manager Ronald E. Sweeney who’s suing Wayne to the tune of $20 million says.
Sweeney filed the suit in California’s Superior Court on December 10, accusing Wayne of “failing to honor an oral agreement to pay Sweeney a 10 percent share of certain one-off windfalls.” The lawsuit states as Wayne’s “personal manager,” he was told he’d receive 10 percent of proceeds from three separate paydays — two lawsuit settlements plus the sale of “any master recordings owned by the Young Money [record] Label.”
The court docs also reveal, “Specifically in or about June of 2020, Lil Wayne was able to sell the Young Money masters to Universal Music Group for in excess of $100 million.” This would include platinum-selling albums such as Drake’s Views and Scorpion, Nicki Minaj’s The Pinkprint and Wayne’s Tha Carter IV.
The move follows several other exorbitant catalog deals this year. In August, Wu-Tang Clan legend RZA reportedly sold 50 percent of his Wu-Tang and solo catalogs to music IP investment and song management company Hipgnosis Songs, roughly 814 pieces of work.
RZA Sells Off 50 Percent Of His Wu-Tang Clan & Solo Catalogs
RZA then struck another deal with Downtown Music Publishing in September. According to a press release, the company said it will “represent Wu-Tang’s interest in songs from its back catalog of classic albums — as well as select works co-written or produced by individual Wu-Tang Clan members for solo releases, affiliates and other artists.”
The writers represented under the deal include Ghostface Killah, GZA, Inspectah Deck, Method Man, the late Ol’ Dirty Bastard, Raekwon, RZA and U-God.
Earlier this month, Fleetwood Mac singer Stevie Nicks sold an 80 percent interest in her music catalog to publisher Primary Wave for about $80 million, while folk legend Bob Dylan reportedly sold his to Universal Music Group as well for an estimated $300 million.
Read Sweeney’s lawsuit in full here.
That’s fucked up. You even sold Nicki and Drake’s too. Truly like Father Like Son…smh
Why is it fucked up? If he owns it he has the right to sell it, other artists have done the same as mentioned in the article (RZA, Bob Dylan, etc) meanwhile you have this “manager” who wants 10 percent from a deal he didn’t facilitate, based on an oral agreement? Lmao yeah ok
STFU
Salty much lmao
I like my nuts salty and sweaty, yummmm.
^^^ Realest comment I’ve ever seen on any blog site
If I own masters I can do WTF I want to. Most of y’all barking barley have a dollar to your name.
Drakes young money masters alone should be worth more than that. That’s b4 you even get into Nicki. I sense some foul play here. Somethin don’t seem right here.
no ones bu mpin nicki now and it 10 years it mighta as well be milli vanilli same with wayne all the kiddies grow up and move on they not motown, drake might have some cuts hold up but doubtful no dudes bump it just women n frui ty loops, they change tastes like the wind for 100M it was a great move by wayne he knows its all garbage an any 10year old can just download free in a few minutes its the recycle bin throw away generation, none of it was original
Young money does not own as much as one might think. Most of drakes masters are owned by cash money and universal imo
or download the entire thing in 10 minutes glad he cashed out none of that ih gonna hold up over time its not actual musicians, original, or timeless music for the most part
I wonder what kinda trouble he in to sell off masters like that.
I dislike drakes music as well as Nicki but that is money flow forever. That is generational money for your children.
100mill is nothing to laugh at but Drake is such a gigantic artist that I can’t imagine wanting to sell those masters.
you signed to one ni$$a that’s signed to another ni$$a that’s signed to 3 ni$$as, now that’s bad luck-Pusha T exodus 23:1
i wish i could have a small share of that 100million. 🙁
You can, just go rob Wayne
Classic Song Of The Weekend – OutKast , Lil Wayne , and Snoop Dogg ( Hollywood Divorce )