http://www.dnainfo.com/chicago/20130123/englewood/chief-keef-record-deal-is-6-million-over-3-years
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.
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.
The GBE operating agreement calls for Chief Keef and Manuel to each own 40 percent of the record label, a subsidiary of Interscope.
Derrick Coleman, who raps under the name Fredo Santana, was paid a $40,000 advance and received 10-percent interest in the label. Chief Keef's uncle Alonzo Carter and Anthony H. Dade also each hold 5-percent ownership of GBE, according to court papers.
The contract also calls for Interscope to pay GBE $200,000 for "overhead" expenses, which include office, travel, entertainment and "salary cost" and additional money for marketing, according to the contract.
GBE and Interscope will split profits equally. Interscope Records, however, can terminate the Glory Boyz deal if losses exceed $4.5 million, according to the contract.
Despite his plea for "one more chance," a Cook County judge last week ordered Chief Keef held in juvenile detention for violating his probation on charges he pointed a gun at Chicago police officers.
On Jan. 16, the mother of the rapper's daughter filed a motion seeking immediate temporary child support for the girl.
The toddler, who Chief Keef calls "Kay Kay," has a song named after her on "Finally Rich." She also makes a cameo appearance in the rapper's YouTube video for the song, "They Know."
Chief Keef is set to appear before a judge on his probation violation on March 14, when he could be released from custody. A judge is set to rule on the Interscope deal on April 16."
keef has nearly 12 more months to sell 150k more albums. That should be a simple task to hit the magic number of 250k. But, if he can't stay out of trouble he's going to end up fkn up his contract like gucci did. keef's tour also got canned so that wont help his sales. His contract is very generous compared to standard contracts of today. Interscope has always been the most generous label... Though we don't know 3/4 of his contract, we don't know if its 360, or what...we do know its an NFL style contract. say like a michael vick contract, if you don't perform the team has the right to cut your ass and not pay you the back hand end of the deal (vick's contract was 100 mil) i think they said if the eagles let him go...his contract would've made him 60mil instead of 100 mil...i'm not 100 percent on those numbers but i think that's what espn had said.
if Interscope feels that bad about his future and want to cut their investment loss. They could help keef bomb...as of 1/20/13 he's #57 on the charts. Chief Keef - Finally Rich - 7,100 sold last week and the lp has sold a total of 107k
If i were Interscope i wouldn't do anything to help the n-glit sell anymore albums...just to make it look like i'm trying to help him i'd make him do a video for that horrible song "laughing to the bank" On the real with all the shyt he's done, if Interscope wanted to drop him, he's breached his contract enough (violated probation, , skipped media events, hasn't promoted his album like artist are required to, missed video shoot...which Interscope lost at least 30k on the video shoot but 50 and wiz get some g'z for showing up...so Interscope probably lost near 100k). They could get rid of him right now and not face legal ramifications. I think their going to hang a little more and see if they can turn his career around by the end of 2013. But, don't worry, as y'all can see he hasn't even got a mil from Interscope...they've lost money but its not a bust yet. If they would've given him a mil advance, then things might be a little more tense.
i have no hope for this nga. here's his mom throwing up gang signs, she's 32 with 2 grand kids.
what's up with that fredo dude? i know he looks about crazy...but a few ngz on here and other sites be talking like he's super crazy or something, has he killed somebody or something?
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.
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.
The GBE operating agreement calls for Chief Keef and Manuel to each own 40 percent of the record label, a subsidiary of Interscope.
Derrick Coleman, who raps under the name Fredo Santana, was paid a $40,000 advance and received 10-percent interest in the label. Chief Keef's uncle Alonzo Carter and Anthony H. Dade also each hold 5-percent ownership of GBE, according to court papers.
The contract also calls for Interscope to pay GBE $200,000 for "overhead" expenses, which include office, travel, entertainment and "salary cost" and additional money for marketing, according to the contract.
GBE and Interscope will split profits equally. Interscope Records, however, can terminate the Glory Boyz deal if losses exceed $4.5 million, according to the contract.
Despite his plea for "one more chance," a Cook County judge last week ordered Chief Keef held in juvenile detention for violating his probation on charges he pointed a gun at Chicago police officers.
On Jan. 16, the mother of the rapper's daughter filed a motion seeking immediate temporary child support for the girl.
The toddler, who Chief Keef calls "Kay Kay," has a song named after her on "Finally Rich." She also makes a cameo appearance in the rapper's YouTube video for the song, "They Know."
Chief Keef is set to appear before a judge on his probation violation on March 14, when he could be released from custody. A judge is set to rule on the Interscope deal on April 16."
keef has nearly 12 more months to sell 150k more albums. That should be a simple task to hit the magic number of 250k. But, if he can't stay out of trouble he's going to end up fkn up his contract like gucci did. keef's tour also got canned so that wont help his sales. His contract is very generous compared to standard contracts of today. Interscope has always been the most generous label... Though we don't know 3/4 of his contract, we don't know if its 360, or what...we do know its an NFL style contract. say like a michael vick contract, if you don't perform the team has the right to cut your ass and not pay you the back hand end of the deal (vick's contract was 100 mil) i think they said if the eagles let him go...his contract would've made him 60mil instead of 100 mil...i'm not 100 percent on those numbers but i think that's what espn had said.
if Interscope feels that bad about his future and want to cut their investment loss. They could help keef bomb...as of 1/20/13 he's #57 on the charts. Chief Keef - Finally Rich - 7,100 sold last week and the lp has sold a total of 107k
If i were Interscope i wouldn't do anything to help the n-glit sell anymore albums...just to make it look like i'm trying to help him i'd make him do a video for that horrible song "laughing to the bank" On the real with all the shyt he's done, if Interscope wanted to drop him, he's breached his contract enough (violated probation, , skipped media events, hasn't promoted his album like artist are required to, missed video shoot...which Interscope lost at least 30k on the video shoot but 50 and wiz get some g'z for showing up...so Interscope probably lost near 100k). They could get rid of him right now and not face legal ramifications. I think their going to hang a little more and see if they can turn his career around by the end of 2013. But, don't worry, as y'all can see he hasn't even got a mil from Interscope...they've lost money but its not a bust yet. If they would've given him a mil advance, then things might be a little more tense.
i have no hope for this nga. here's his mom throwing up gang signs, she's 32 with 2 grand kids.
what's up with that fredo dude? i know he looks about crazy...but a few ngz on here and other sites be talking like he's super crazy or something, has he killed somebody or something?
Exactly!
