Irv Gotti just signed what he described as a "life changing" deal worth $300 million that sees him sell his 50 percent ownership stake of his masters to Iconoclast in exchange for funding for various film and television projects.
Irv was seen fighting back tears while signing the contract in a post he shared on IG. During the 2022 BET Awards, the former Murder Inc. head spoke with WorldStarHipHop about the deal and what it means moving forward.
“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 continued, “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 f**king insane!”
“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],” he said.