Update 09/30/2020 12:06am:

Yung Bleu recently reached out and clarified things regarding his label situation. According to Yung Bleu, he remains signed to Boosie but is only managed by Meek Mill. He explained that the only difference is that he now owns his masters, in addition to Boosie's Badazz Music Syndicate now being solely independent. "Yes I'm still signed to Boosie, I never signed with Meek. He manages me. Only thing different is I own my masters now. Boosie label is INDEPENDENT! We Independent! It's no more Bleu & Boosie jointed with a major label! It's just Bleu & Boosie doing wtf they wanna do. [...] We do what we wanna do. We GOOD." 

Original 09/28/2020 12:57pm:

In 2018, Yung Bleu sat with VladTV and explained how his deal with Boosie came together. The following year, Bleu left Boosie's Badazz Music Syndicate and Columbia Records to sign with Meek Mill's Dreamchasers.

In an interview with HipHopDX, the Alabama rapper explained that the move allows him to branch out and make his career flourish furth. He also said that Boosie gave his blessing for the transition.

"We just understood that I wanted to go the independent route and he fully understood what I wanted to do," Bleu said. "When I tell a lot of people that I’m independent that don’t necessarily mean that I don’t f*** with Boosie and his label."

"I came to Boosie and told him I still wanted to rock with the brand but not signed to Columbia no more," he added. "I just wanted to rock independently, without a major label and Boosie was cool with it. He just wanted me to give him his profit and participation on the albums that I had left with him and I did."

Bleu praised Boosie for his mentorship and allowing him to be let out of his contract before claiming, "I’m still Badazz though. I’m Badazz for life."

Source: HipHopDX