Chief Keef may be serving 60 days in juvie, but he’s definitely got something to look forward to when he gets out. Thanks to a court filing, new details about his record deal with Interscope, first announced in June, have emerged, most notably its worth — an eye-popping $6 million.
According to DNAinfo, the terms of Chief Keef's record contract were made public in a Cook County chancery court filing that seeks a judge's approval for the deal, which is legally required because the rapper, at 17, is a minor. A judge is set to rule on the Interscope deal on April 16.
According to the court papers, the agreement covers three albums, a greatest hits compilation and a separate deal for Keef’s own label. It could pay the Chicago upstart more than $6 million over three years. A piece of future royalties could mean an even bigger payday — although Keef won't be able to spend most of his big-money paycheck until he turns 18 in August.
Interscope also agreed to pay Chief Keef a $440,000 advance, half up-front and half after the court approves the deal. That sum will be placed in a court-administered “blocked” trust fund — controlled by his legal guardian, his grandmother, Margaret Carter — on his behalf, which will most likely prohibit from withdrawals until Keef turns 18.
Additionally, the deal gave Keef at least $300,000 to cover the cost of recording his debut album, Finally Rich. The album only sold 50,000 copies during its first week of release in December, which could affect the future of the deal in a big way. According to the court papers, if Finally Rich doesn't sell at least 250,000 albums by December 2013, Interscope has the right to terminate subsequent album releases. This lends to credence to recent rumors that Keef could be dropped if his album sales don’t pick up.
Keef also signed a separate three-year deal for his record label Glory Boyz Entertainment, with Interscope Records handing over another $440,000 advance. The deal stipulates that Chief Keef and his manager, Rovan Manuel, each be paid $180,000. According to the label’s operating agreement, Chief Keef and Manuel each own 40 percent of the record label, a subsidiary of Interscope. Derrick Coleman, also known as rapper Fredo Santana, received a $40,000 advance and 10 percent ownership in the label. Chief Keef's uncle, Alonzo Carter, and Anthony H. Dade also each hold 5 percent interest of GBE.
The contract also calls for Interscope to pay GBE $200,000 for "overhead" expenses, including office, travel, entertainment, payroll and marketing. GBE and Interscope will split any profits 50/50, although the latter can terminate the deal if losses exceed $4.5 million.
The big-money deal is the exception in a string of bad news for Chief Keef. Last week, a Cook County judge sent the rapper to juvenile detention for violating his probation on charges he pointed a gun at Chicago police. The same week, the mother of Keef’s daughter filed a motion seeking immediate temporary child support.
Looking at his deal with Interscope, paying that shouldn’t be a problem.
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(Photo: Courtesy Glory Boy Entertainment)
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