Irv Gotti has signed a $300 million deal to sell his 50 percent ownership stake of his masters to Iconoclast.
Irv Gotti admits he got emotional while signing a deal for $300 million in exchange for his 50 percent ownership stake of his masters. Gotti broke down the massive deal while speaking with WorldStarHipHop at the 2022 BET Awards in Los Angeles on Sunday.
“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 told the outlet. “He drilled in my head, ‘You can’t sell what you don’t own,’ and it resonated with me.”
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From there, he explained that the $300 million isn’t entirely for his masters. In fact, those are only worth $100 million, but Iconoclast threw in an extra $200 million as credit to use in the creation of his own television properties.
Gotti explained: “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***a 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!
“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].”
As for what TV projects Gotti has in mind, he explained that his first idea is a competition series called Double Threat. He also wants to do a movie adaptation of his BET Series, Tales Presents: We Made it in America. The title comes from the JAY-Z, Kanye West, and Frank Ocean track of the same name.
Gotti celebrated inking the deal in an emotional Instagram post on Tuesday, in which he held back tears and remembered his late father.
Check out Gotti’s discussion with WorldStarHipHop below, as well as his candid Instagram post.
[Via]