Businessman and producer Irv Gotti is used to making money moves. Gotti, who founded Murder Inc. with his brother Chris Gotti in 1998, helped produce some of the biggest hits in hip-hop and R&B from stars like Ja Rule, Ashanti, and Jennifer Lopez. Now, he's turning that catalog into a new deal worth hundreds of millions of dollars.
According to Music Business Worldwide, Gotti struck an agreement with Iconoclast to sale his stake in Murder Inc.'s master recordings for a hefty sum of cash.
“I’m signing a deal worth $300 million," Gotti said. "$100 million of the deal is me selling my masters…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-cking insane."
According to Gotti, born Irving Lorenzo, the remaining $200 from Iconoclast will be an investment in his upcoming projects.
“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.
One of Gotti's first projects will be a reality competition called Double Threat, in which the famed producer will attempt to find a talented individual who can rap and act. Next up, he's hoping to turn his popular BET series, Tales, into a movie called Tales Presents: We Made it in America. Gotti said the film will include a theme song from JAY-Z, Kanye West and Frank Ocean.
Gotti shared a video of the signing on his Instagram page, telling fans: "I sold my Past. To ignite my FUTURE. Watch your boy go."