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April 7 - Irv Gotti In Talks For New Label Deal (with Universal)

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  • April 7 - Irv Gotti In Talks For New Label Deal (with Universal)

    After months of rumors and speculation surrounding the search for a new home for The Inc. Records (formerly known as Murder Inc), reports have surfaced that Irv Gotti could be soon reviving his infamous label and re-establishing his partnership with the Universal Media Group.

    According to sources close to The New York Times, Gotti is in the process of finalizing a deal to secure financing for The Inc. from Larry Goldfarb, the managing partner of the San Francisco-based hedge fund BayStar Capital.

    As part of the deal , which is expected to be finished in the next two weeks, Goldfarb's newly formed LRG Records is expected to commit up to $30 million to operate the label in its first three to five years.

    As SOHH previously reported, The Inc. severed ties with Island Def Jam, which is a subsidiary of Universal Media Group in July 2005, after Irv Gotti (born Irving Lorenzo) and his brother Chris Lorenzo were indicted in January of the same year on charges that he laundered money for convicted drug kingpin, Kenneth "Supreme" McGriff.

    Both Lorenzo's would eventually be acquitted of the charges by a federal jury in December. After the acquittal, reports surfaced that Warner Music Group, EMI and Atlantic Records were interested in signing with The Inc.

    Now, The Times sources also divulged that Gotti is currently in negotiations with Universal to get a distribution deal which will have Universal promoting and releasing recordings from the Inc. Gotti could also gain ownership of the master recordings he previously released through the company including hits by Ja Rule and Ashanti.

    Reps for Universal, Mr. Lorenzo and Mr. Goldfarb refused to comment.

    In related news, Ja Rule will be among the cast of Sean "Diddy" Combs' "Celebrity Cooking Showdown" which will premiere on April 17th on NBC.

    SOURCE
    Originally posted by midwestwitch
    If I were to find out it was you would be responsible for a teenage boy losing every ounce of a social life, cell phone, gaming consoles etc until he graduated high school and left for college.

  • #2
    man irv needs to get tah and blackchild out they been wastin there talents for too many years fuck ashanti and fuck lloyd i want some tah and blackchild albums

    Comment


    • #3
      i hear that
      I cannot grow old in Salem's lot

      Comment


      • #4
        caddilac tahs last mixtape was better then 3/4's of the rap albums i heard the last 2 years and its only a mixtape and blows most these official albums out the water i mean come on now its time to get that shit out

        Comment


        • #5
          i agree tah and blackchild are straight firrrrrreeeee!

          Comment

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