Published Thu, June 30, 2022 at 11:30 AM EDT
Irv Gotti announced on Tuesday (June 28) that he sold half of his ownership in his masters to Iconoclast.
"I'm signing a deal worth $300 million", Gotti told World Star Hip Hop. "I'ma tell you what it is. $100 million of the deal is me selling my masters. I own 50-50 with Universal Music Group — half my masters is worth $100 million. That's fuckin' insane! Not only is the company [Iconoclast] buying masters, they're giving me like a $200 million line of credit for me not just to produce and create, but to own my own television [interests]."
Iconoclast started music rights acquisition earlier this year when they acquired the rights to Robbie Robertson's music publishing, name and likeness.
Gotti recalled the conversation that prompted him to sell his masters.
“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 drilled in my head, ‘You can’t sell what you don’t own,’ and it resonated with me."
The mogul held back tears as he signed the deal.
"It's a big day for me," he said. "I'm signing a deal that's basically gonna change the lives of my family. My sons, my daughter — I can't help but think about them."
Irv has produced hit records for Ashanti, Ja Rule and Jennifer Lopez, and collaborated with Jay-Z, DMX and Kanye West. After a 2003 investigation and raid on Murder Inc's New York offices which led to charges of money laundering, they changed their name to The Inc. In 2005, Irv and his brother Christopher were acquitted of all charges.