Murder Inc.’s heyday may be in the rearview mirror, but Irv Gotti continues to find new ways to stay successful. On Tuesday (June 28), the veteran Hip Hop executive announced a $300 million deal that sees him sell his 50 percent ownership stake of his masters to Iconoclast while receiving funding for various film and television projects.
Founded by French-born music industry power player Oliver Chastan, Iconoclast entered the music rights acquisition arena in February by purchasing the rights to rock legend Robbie Robertson’s music publishing and NIL (name, image & likeness), plus his recorded music interests.
Irv Gotti Says Drake's New Album Makes Him Want To 'Find A New DMX': 'That Album Is Not Hip Hop'
Irv Gotti broke down his nine-figure deal while speaking with WorldStarHipHop at the 2022 BET Awards in Los Angeles on Sunday (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.
“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 fucking insane!”
He 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].”
First on the agenda for Irv Gotti is a TV competition series called Double Threat, which aims to discover the next rapping/acting superstar. He’s also working on a movie adaption of his Tales BET series titled Tales Presents: We Made it in America, whose 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.'”
Irv Gotti Says He Knew JAY-Z, DMX & Ja Rule Were 'Gonna Conquer The World'
The 52-year-old celebrated the $300 million partnership with an emotional Instagram video on Tuesday, showing him holding back tears as he digested the staggering sum of the deal while remembering 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 FUCKING 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.”
Outside of his new deal, Irv Gotti is set to take over TV screens this summer with a docuseries on Murder Inc. Records and the long-awaited return of his aforementioned Tales series, airing back-to-back on BET on August 9.
Titled MURDER INC., the five-part docuseries details “the untold tale of the rise, sudden fall and redemption” of Gotti’s label, which pumped out hits from Ja Rule and Ashanti in the late ’90s and early ’00s.
The third season of Tales, meanwhile, promises a fresh round of 60-minute scripted anthologies inspired by rap records such as Public Enemy’s “Fight the Power,” Nelly’s “Hot in Herre” and City Girls’ “Act Up.”
Calling a white man a n—-a then catch feelings when a white person uses the word the same we we use it. Smh..
This is what you complain about in a comment section? Bored day huh
Damn right, the question is….why do you want to use the word so much?
No doubt….just another butthurt reason to pull the race card. Victim mentality is mental slavery.
Congrats, IG.
300 million? really?
This is why it’s so important to own those master Mann!!!! This a huge deal and a good look for him and hip hop
He takes 200 million is a line of credit therefore he still has to pay it back. so he really don’t own anything because he really got 100 million for his master so he basically barrow money to pay back he will not see a profit from anything he do. That deal made no sense he should have just got 300 million straight cash. so what ever he invest in he will see the profit not the middle man.
I was thinking the same thing. He should have taken 150 million without the credit
He’s getting access to $200M in capital. That’s insane. He makes products with that $. Uses profits from those projects to pay back bank. Owns all his new projects outright. Access to capital is the difference between the haves and have nots. Read up.
Flipping 200 million is that easy?
He could have taken that 100 million and started his on entertainment production company without being in debt to someone
For all those that don’t have any money what he did was cash in then use the credit line to make new project rich ppl use other people money to get richer so that 200 million credit he is going to murder inc it and pay back with interest and still have his 100 million sitting clean
What if his projects don’t make a profit?
With 200 Million, he can throw shit again the wall until something sticks.
someone of the label within a day this for profit bussiness
English, do you speak it? Those are English words, but that’s NOT an English sentence!
i was talking about some underground guy signing up for noon profits once it was a joke shoe string buget from almo
Love the hood economics tour putting out the sad truth is he should’ve had 100% ownership of masters but instead he assed out by half and they let him be happy by giving him half. ?the load well it’s a honey trap. He’s never showed skill in money management so this is a set up.
The $200 million line of credit in addition to his $100 million cash is a sweet deal. Not many people have access to that kind of capital. Congratulations
All totaled this is just over a quarter Billi. That’s a whole helluva whole lot.
Ice Man Sound like he a Good Spit Shiner!
I would use the hundred million and make sumthin happen with that so he would not have to pay nuttin back if he dnt use dat two hundred million
It’s all about survival and taking care of yourself and your love ones. That’s while you still have your life, health and strength. Who cares if he will be in debt, he is still making money legally and trying to survive. We only have one life to live, just make the best of it.
Im happy for Irv. He deserves this. Murder inc. was the shit back in the day. I’m gonna take my old ass and record a 1 and done dope ass single. Watch and learn. Ain’t no rags to riches shit either. I got mines, so it’s all for the love of hip-hop.
Would love to get to know you
So he’s -100 million in the hole…wow sweet deal..??
People casually read pass the work CREDIT very casually…he will need to pay it back….
Bro u have no reading comprehension whatsoever ?
Hope he manage his money well this time and learn from his mistakes.
?? Well deserved I thought they had left you out and behind for a min. You can’t keep a real one down. I got that bark and bite to be on some DMX type time. Congratulations God take care of His a Real N*gga don’t stay down forever.
Sadly, what will most likely happen is. He’ll take the $200m line of credit and his projects will fail. He will then have to repay the debt with the $100m he got.
In the end Irv will have given back all the money he got. The ones who loaned him the money will be out a bit of money but will eventually make it back through streams of his music since they now own the masters.
Damn let that man be great , why hate you can’t predict his future and the outcome of whatever projects he decides to come out with, that crab in the barrel mentality is a has always been concept in the black community, be happy and congratulate that man..
There may be some truth to that though. If that is truly a 200 million line of credit he has to pay back with interest thats a gamble that may backfire. Not hating thats reality.
That’s not how it works. It’s not actually a line of credit. They’re willing to invest $200 million in his ideas much the same as VC’s invest in startup ideas. These types of deals are common in the entertainment industry. When a producer has a history, talent, ideas, connections with talent, etc, a studio will offer them a contract that gives that studio either exclusive rights to all of their ideas over a period of time or exclusive rights to refusal. Which means he can pitch a project and if they don’t like it, he won’t get to tap into the $200 million and then has the option to shop that particular project to other studios. Just like when VC’s back a startup in Silicon Valley, if the company goes under, the VC’s have lost their investment as no payback from the founders is required.
Ashanti enters chat ??
Should use 100 mil of that 200 mil to buy the dip and hodl if he’s smart
Ashanti may have to sing through autotune, real voices are not appreciated
It’s still Murd’a, Murd’a INC.