Irv Gotti admits he shed a little tear while signing a massive $300 million deal which includes selling his master records.
The former Murder Inc. executive is making big moves as he recently signed a new deal that will see him getting into the film and television world.
On Tuesday, Irv Gotti signed a $300M deal with Iconoclast as he sells his 50% ownership of his masters and, in return, gets much-needed investment money for his ventures in TV.
Irv Gotti made the announcement on Tuesday that he signed the deal with the Iconoclast, which is owned by Oliver Chastan. The company has been making significant purchases in the hip hop world, having bought the rights to rock legend Robbie Robertson’s music publishing and intellectual property rights to his name, image, and likeness and the singer’s recorded music interests in February.
According to WorldStarHipHop, the music exec says that of the $300M, his masters is worth $100M. Gotti and Universal Music Group jointly own the rights to his music.
“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,” he spoke about the deal.
“I’m signing a deal worth $300 million. I’m a tell you what it is: $100 million of the deal is me selling my masters. What my billionaire na 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 fing insane!” he added.
Irv Gotti also disclosed that the investments in television are a line of credit that will help him to own his own television station.
“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].”
In the meantime, the rapper is already producing a TV competition series called Double Threat that will seek to unearth rap and acting talents, and there’s a movie adaptation coming of Tales BET series titled Tales Presents: We Made it in America owned by him.
“Shout out to my n-gga Hov, he gave me the record for free,” Gotti said. “He saved me half a mil, off top! He was like, ‘Go head, kill it.'”
On Tuesday, Irv Gotti shared a tribute to his late father as he also celebrated the deal.
“This is a big day for me,” he said about the paperwork being completed. “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.”
“I F****NG 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,” he said.
He continued, “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.”