Veteran Hip-Hop executive Irv Gotti may have leveled up in a huge way.
Known for helping to launch the careers of artists like DMX and Ja Rule, the heavy-hitter has reportedly inked a $300 million deal with Iconoclast — a network developed to service global agencies, record labels, and content platforms, plus more.
“I raised $5 million for me to shoot my movie, and I used my music catalog as collateral. When I did that, it opened up a can of worms,” he told Billboard. “My good friend Zach Horowitz, who used to be the CFO for the Universal Music Group, called me and was like, ‘Irv, are you interested in selling [your catalog]?” My guy Walter Jordan was always telling me, ‘Irv, you’ve got money there.'”
He continued: “Then Zach said he knows Oliver Chastan, and he’s the best and pays top dollar. We met and it was a love fest — Oliver felt my energy and the deal didn’t take long, a couple months. I’m a very spiritual person, and it’s God and my dad who passed away on Nov. 1 looking out for their boy. It’s very surreal, but I would give every dollar of the $300 million to get my dad back. But he’s with me and I feel his presence.”
Although he reportedly made the decision to sell a 50 percent ownership stake of Murder Inc.’s past music recordings, he will still retain ownership of the renowned label.
What’s more, for him, this deal is one of redemption.
Murder Inc. Records
At one point, Irvi Gotti claims Universal Music Group offered $1 million for his records.
“I only owned 50 percent of my masters and Universal Music Group owned the other 50 percent. When it came time for us to terminate the deal, Universal Music Group offered me $1 million,” he told Billboard. “I basically said, ‘What? That ain’t nothing, yo. F–k you. My s—t is worth more than that.’ They explained to me that it was only CD sales. I would like to thank the good Lord for streaming. Streaming has made my masters worth way more.”
Now, he credits God for holding his hand every step of the way.
“God himself is holding my hand right now and I’m not letting go,” he expressed. “I sold my past to ignite my future. I’m building Visionary Ideas Entertainment into a multi-billion dollar entertainment company. Instead of going to the investment circle and maybe raising $100 million, I did it myself, and I’m betting on myself.”
As a part of the deal, Gotti will continue his television endeavors.
He created the American drama anthology, “Tales,” which shares visual stories through iconic Hip-Hop classics in June 2017. Its third season premieres on BET on Aug. 9.
Next up is a television competition series, titled “Double Threat.” The series aims to help find the next rapping and acting superstar. Additionally, his BET “Tales” series is set to be adapted into a film titled, “Tales Presents: We Made It In America.”
Born Irving Domingo Lorenzo Jr., Gotti co-founded hit record label, Murder Inc. Records, alongside his brother Chris Gotti in 1998.
Outside of flagship artist Ja Rule, the label served as a launching pad for acts like Ashanti, Vita, Charli Baltimore, and more.