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Chief Keef’s Interscope Deal Worth $6 Million

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It has been revealed that Chief Keef’s recording contract with Interscope was worth $6 million dollars, that is, if certain sales goals are met.  Because the rapper is a minor, the court needed approval for the agreements to be finalized.

The 17-year-old signed a solo three-album deal with the record label, also leveraging a partnership deal with Interscope for his Glory Boyz Entertainment label. Interscope agreed to pay the rapper a $440,000 advance, half that has been paid upfront. The other half will be disbursed after the courts approves the deal. The courts have ruled that the advance be placed in a trust fund that will be controlled by Keef’s grandmother until he turns 18. He also received an additional $300,000 to cover the costs of recording his debut album, Finally Rich, which was released in December. The album includes the hit “Don’t Like”, with  appearances from 50 Cent, Rick Ross, Young Jeezy, and Wiz Khalifa. The album sold only 50,000 in it’s first week. If Chief Keef doesn’t sell at least 250,000 albums by December 2013, Interscope can pull the plug on the deal. The album has since sold around 150,000 in total.

In the separate deal with Keef’s GBE, the label fronted $440,000 as well as an additional $200,000 for overhead expenses and costs. Interscope can cut this seal as well, if the Glory Boyz incur losses of $4.5 million.

Chief Keef has had a few legal issues recently including being sentenced to 60 days in juvenile detention for a probation violation. The Chicago rapper also is being sued for child support of his daughter with a middle-school student he impregnated two years ago.

 

Shanika Simmons

 

 

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