Court Releases Details Of Chief Keef’s $6 MILLION 3 Album Record Deal

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 5 years ago '06        #1
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SM 38204 heat pts38204
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Court Releases Details Of Chief Keef’s $6 MILLION 3 Album Record Deal
 

 


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 KYITL | Court Records Detail Chief Keef's $6 Million Record Deal With Interscope


Details of Chief Keef’s record deal with Interscope were made public in a Cook County court after having to get court approval because he is a minor. The deal includes 3 albums and could reach $6 million based on incentives. His debut album “Finally Rich” sold 50,000 copies in it’s first week, but if it doesn’t sell at least 250,000 albums by December 2013 Interscope can pull the deal.

DNAInfo reports:

The teenage rap star won’t be able to spend most of his big-money pay check until he turns 18 in August, DNAinfo.com has learned.

Chief Keef signed a three-album contract — and a separate deal to control his own record label — with Interscope Records that could pay the South Side gangster rapper more than $6 million over three years. A split of future royalties could make for an even bigger pay day, according to court papers…

…Interscope agreed to pay Chief Keef a $440,000 advance — half up front and half after a judge signs off on the deal — that will be deposited in a court administered trust fund on his behalf, according to court papers. The so-called “blocked trust” is controlled by Chief Keef’s legal guardian, his grandmother, Margaret Carter. Withdrawals typically are prohibited from block trusts until a minor turns 18.

Chief Keef — who is currently locked up in juvenile detention for 60 days — also received at least $300,000 to cover the cost of recording “Finally Rich,” which sold 50,000 copies during the first week it was released in December.

Chief Keef’s deals all depend on album sales. If “Finally Rich” doesn’t sell at least 250,000 albums by December 2013, Interscope has the right to pull the plug on subsequent album releases — two albums and a compilation of hits, according to the deal.

In a separate three-year deal to establish Chief Keef’s record label “Glory Boyz Entertainment” — GBE for short — Interscope Records forked over another $440,000 advance. That agreement calls for both Chief Keef and his manager, Rovan Manuel, to each be paid $180,000. The deal calls for 15-percent of Chief Keef’s advance to be put in his trust fund, according to court papers.


Last edited by SM; 01-23-2013 at 11:42 AM..

147 comments for "Court Releases Details Of Chief Keef’s $6 MILLION 3 Album Record Deal"

 5 years ago '06        #2
SM 38204 heat pts38204 OP
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Chief Keef’s deals all depend on album sales. If “Finally Rich” doesn’t sell at least 250,000 albums by December 2013, Interscope has the right to pull the plug on subsequent album releases — two albums and a compilation of hits, according to the deal.

 5 years ago '07        #3
ttime236 38 heat pts38
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Chief Keef’s deals all depend on album sales. If “Finally Rich” doesn’t sell at least 250,000 albums by December 2013, Interscope has the right to pull the plug on subsequent album releases — two albums and a compilation of hits, according to the deal.




No more sh*tty music
 5 years ago '12        #4
SLiP 35 heat pts35
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As of January 23, 2013, it has sold 106,000 copies

-Wikipedia


 5 years ago '04        #5
D1nOnlyMrM@ 43 heat pts43
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dyum
 5 years ago '06        #6
SM 38204 heat pts38204 OP
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 SLiPP said:
As of January 23, 2013, it has sold 106,000 copies

-Wikipedia


Yeah he's fine
 5 years ago '12        #7
44wade 289 heat pts289
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If anything this shows the label is using 250k as a benchmark.

For all you armchair a & r dudes.
 5 years ago '04        #8
justinjones 307 heat pts307
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if he don't have another single out there he might barely miss it.
 5 years ago '05        #9
murdamurda 33 heat pts33
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 44wade said:
If anything this shows the label is using 250k as a benchmark.

For all you armchair a & r dudes.
Who cares about record sales, did you see 50's crew rocking that MMG chain in that new video.

Where he get that from?
 5 years ago '12        #10
YoungKazzy 53 heat pts53
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I think this song fits the story perfectly


[video - click to view]


I know im finally rich, and aint a damn thang gone change, me and my boyz still bang



I could ride foreign cars, I love all my fans, without ya'll I wouldn't get far
 5 years ago '05        #11
Martel 18 heat pts18
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must be nice.
 01-23-2013, 11:20 AM         #12
Nasty Neighbor 
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chief keef won


let the little n*gga eat
 5 years ago '05        #13
P DRILLA 103 heat pts103
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[video - click to view]

 5 years ago '10        #14
JETSoverERTHING 171 heat pts171
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#3HUNNA
 5 years ago '11        #15
keejee 131 heat pts131
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 justinjones said:
if he don't have another single out there he might barely miss it.
when keeping it real goes wrong

this has "hit" written all over it. n*gga just had to show up to his video shoot. SMH.


[video - click to view]


he still gon sell 250+ tho
 5 years ago '11        #16
hayday12 85 heat pts85
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 justinjones said:
if he don't have another single out there he might barely miss it.
Exactly. He's already down to 7000 copies this week and that number is gonna get smaller and smaller as the weeks go by.
 5 years ago '06        #17
SM 38204 heat pts38204 OP
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 keejee said:
when keeping it real goes wrong

this has "hit" written all over it. n*gga just had to show up to his video shoot. SMH.



he still gon sell 250+ tho
 5 years ago '12        #18
44wade 289 heat pts289
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 murdamurda said:
Who cares about record sales, did you see 50's crew rocking that MMG chain in that new video.

Where he get that from?
Looked like it flew off when he was beating mike knox's brains in.

Them scavengers like yayo scooped it up.
 01-23-2013, 11:50 AM         #19
Nasty Neighbor 
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the sales for finally rich are probably gonna get a boost when he gets out of juvie and again when that bang pt 2 mixtape drops

if hate being sober catches on its a fu*king wrap
 01-23-2013, 11:50 AM         #20
Nasty Neighbor 
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 44wade said:
Looked like it flew off when he was beating mike knox's brains in.

Them scavengers like yayo scooped it up.
when the fu*k did 50 f!ght mike knox
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