Chicago rapper Chief Keef literally has money in the bank waiting for him as new reports expose the details behind his multi-million dollar Interscope Records contract.
According to reports, the 17 year-old has a three-album, six million dollar deal with Interscope.
Chief Keef may be “Finally Rich” — as the title of his first album proclaims — but 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. The terms of Chief Keef’s record deal were made public in a Cook County chancery court filing that seeks a judge’s approval for the rapper to finalize agreements with Interscope. Court approval of the contracts is required by law because Chief Keef, 17, is a minor. (DNA Info)
Despite the huge contract, the majority of payments depend on how many albums he sells.
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. (DNA Info)
Last year, G-Unit’s 50 Cent revealed the label considered dropping Keef.
“There was some energy there in the [Interscope] building, they was actually thinking about dropping him,” 50 said in an interview. “I was like, ‘D*mn you can’t just like drop him.’ That’s what hip-hop culture is. It’s an opportunity for you to make it from anywhere. If you from the bottom right now you could listen to this music that comes on, write something and put them cards back they gave you and deal yourself some new ones.” (Hot 97)
This week, outspoken Chicago rapper Rhymefest spoke to SOHH and openly blasted Interscope Records for placing emphasis on profits over social responsibility.
“Prison is a $55 billion a year industry. Prison makes more money than rap music makes, every year. Private prisons are being traded on the stock market. If they’re going to advertise, how are they going to do it? How are they going to put more people in prison and advertise? It’s through the record labels that they own. Look at Interscope Records. Interscope Records is owned by General Electric. General Electric has a huge stock and share in private prisons. It’s so basic for people to say I’m dissing Chief Keef. I ain’t dissing Chief Keef, I’m dissing [Interscope CEO] Jimmy Iovine. Think about it. The East Coast, West Coast beef, who was behind it all? Interscope Records. Death Row. Now, violence in Chicago is the new hot sh*t. Who gave the biggest deal? Interscope Records. At what point are we going to say, “D*mn. We’re letting this motherf*cker mess up my hood.” (SOHH Guest Star)
A judge is set to rule on the Interscope deal on April 16.
Check out some recent Chief Keef footage: