Murder Inc.’s heyday may be in the rearview mirror, but Irv Gotti continues to find new ways to stay successful. On Tuesday (June 28), the veteran Hip Hop executive announced a $300 million deal that sees him sell his 50 percent ownership stake of his masters to Iconoclast while receiving funding for various film and television projects.
Founded by French-born music industry power player Oliver Chastan, Iconoclast entered the music rights acquisition arena in February by purchasing the rights to rock legend Robbie Robertson’s music publishing and NIL (name, image & likeness), plus his recorded music interests.
rv Gotti broke down his nine-figure deal while speaking with WorldStarHipHop at the 2022 BET Awards in Los Angeles on Sunday (June 26).
“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.
“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 fucking insane!”
He added, “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].”
