Court Filing Shows That Chief Keef’s Interscope Deal Worth $6 Million
Back in 2012, Chicago rapper Chief Keef was on fire, riding high off the success of his breakout hit, "Don't Like." Following a bidding war, he eventually inked a deal with Interscope Records.
While details have been undisclosed, DNAInfo.com have obtained court docs revealing the specifics.
In court docs, contracts show that Chief Keef inked a three-album deal with Interscope worth upwards of $6 million. Because Keef is 17 years old (a minor), the deal needs a judge's approval to be finalized, so the documents were made public.
The contracts show that Interscope agreed to pay the a $440,000 advance, giving half up front and half after a judge confirms the deal. The advance will be deposited into a court-administered "blocked" trust fund on his behalf that is controlled by his grandmother. Keef also received a $300,000 deal to cover the cost of recording his debut album, Finally Rich.
However, his deal depends on numbers, specifically album sales. Interscope has the right to pull out of the contract if he doesn't sell 250,000 copies of the LP by December 2013.
Upon release in December, Finally Rich opened at #27 with 50,000 copies sold. To date, the LP has sold over 106,000 copies.
Keef inked a separate deal for his Glory Boyz Entertainment imprint, receiving another $440,000 advance. The rapper and his manager Rovan Manuel received $180,000 a piece, and each own 40% of the label. Additionally, Interscope must pay GBE $200,000 for "overhead expenses," and will split profits equally with the imprint.
Keef is currently serving a 60-day sentence for violating probation.