Irv Gotti explains why he reportedly sold his masters as part of a $300 million deal – ‘I sold my past to ignite my future’

Veteran Hip-Hop executive Irv Gotti may have skyrocketed.

Known for helping launch the careers of artists like DMX and Ja Rule, the heavy-hitter has reportedly signed a $300 million deal with Iconoclast – a network developed to serve global agencies, record labels and content platforms, and more. .

“I raised $5 million to make my movie, and I used my music catalog as collateral. When I did, it opened a can of worms,” ​​he told Billboard. “My good friend Zach Horowitz, who used to be the CFO of the Universal Music Group, called me and said, “Irv, are you interested in selling [your catalog]?” My husband Walter Jordan used to say to me, ‘Irv, you got money there.’”

He continued: “Then Zach said he knows Oliver Chastan, and he is the best and pays the highest dollar. We met and it was a love affair – Oliver felt my energy and the deal didn’t last long, a few months. I am a very spiritual person, and it is God and my father who passed away on November 1st while taking care of their son. It’s very unreal, but I would give every dollar of the $300 million to get my father back. But he is with me and I feel his presence.”

While he has reportedly made the decision to acquire a 50 percent ownership interest in Murder Inc.’s previous music recordings. to sell, it remains the property of the renowned label.

What’s more, for him this deal is one of redemption.

Murder Inc. records

At one point, Irvi Gotti claims that Universal Music Group offered $1 million for his records.

“I only owned 50 percent of my master’s degrees and Universal Music Group owned the other 50 percent. When it came time for us to end the deal, Universal Music Group offered me $1 million,” he told Billboard. “I actually said, ‘What? That’s not nothing, huh. F–k you. My st is worth more than that.’ “They explained to me that it was only CD sales. I want to thank the good Lord for streaming. Streaming has made my masters worth much more.”

Now he thanks God for holding his hand every step of the way.

“God Himself is now holding my hand and I will not let go of it,” he said. “I sold my past to ignite my future. I’m building Visionary Ideas Entertainment into a multi-billion dollar entertainment company. Instead of going into the investment circle and raising maybe $100 million, I did it myself, and I’m betting on myself.”

As part of the deal, Gotti will continue his television efforts.

He created the American drama anthology ‘Tales’, which shares visual stories through iconic hip-hop classics in June 2017. The third season will premiere on BET on August 9.

Next up is a TV competition series, titled “Double Threat.” The series aims to help find the next rap and acting superstar. Additionally, his BET “Tales” series will be adapted into a movie titled “Tales Presents: We Made It In America.”

Irv Gotti

Born Irving Domingo Lorenzo Jr., Gotti co-founded the hit record label Murder Inc. in 1998 with his brother Chris Gotti. record.

Outside of flagship artist Ja Rule, the label served as a launch pad for acts like Ashanti, Vita, Charli Baltimore and more.

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