Update 08/12/2020 9:14am:

According to The Shade Room, Nick Cannon is suing ViacomCBS for $1.5 billion, the estimated value of Wild 'N Out. ViacomCBS announced that they would be keeping ownership of the show Nick created after he was fired from the network following controversial statements he made in an interview with Professor Griff. 

Nick's team released a statement to the website, which states, "It is just that simple, Wild’N Out belongs to Nick! The show was created by Nick Cannon with his idea and original thought. Wild’N Out has brought billions of dollars in revenue to Viacom since 2015. And Nick deserves and has earned everything it is worth.

"From the platforms he provides for other entertainers, the jobs he creates for black youth, the time he gives to mentoring incarcerated men and women, to the money he gives back and puts into communities, homelessness, and people less fortunate. He is constantly evolving both spiritually and mentally, as well as, taking action in learning, education and bridging the gap within the Jewish and African American communities, so that it will allow us to build relationships, work together and learn from each other in order to move forward in equality." 

Nick is reportedly planning to invest the money from the lawsuit into better education in underserved communities, as well as creating psychological programs, youth organizations, and developing inner-city communities.

Source: The Shade Room

Original 07/15/2020 11:37am:

Nick Cannon took to Facebook after being fired from ViacomCBS, claiming that the company had "swindled away" his long-running hit TV show "Wild 'N Out" from him. 

He wrote, "I created a billion-dollar brand that expanded across a multitiered empire that is still Viacom’s biggest digital brand, touring business, talent discovery and incubation system and successful restaurant franchise. Based on trust and empty promises, my ownership was swindled away from me. For Viacom to be so deceptive is no surprise; they have been mistreating and robbing our community for years, underpaying talent on their biggest brands like Love & Hip Hop, all of BET programming and of course, Wild ‘N Out." 

Nick went on to state that he has received an "outpouring of love and support from the Jewish community," following accusations that he made ant-Semitic comments on his podcast. He went on to write, "I must apologize to my Jewish Brothers and Sisters for putting them in such a painful position, which was never my intention, but I know this whole situation has hurt many people and together we will make it right.

"If I have furthered the hate speech, I wholeheartedly apologize. But now I am the one making demands. I demand full ownership of my billion dollar ‘Wild ‘N Out’ brand that I created, and they will continue to misuse and destroy without my leadership! I demand that the hate and back door bullying cease and while we are at it, now that the truth is out, I demand the Apology!”

You can read his full statement above.