Lil Wayne sells master license of several singers to universal Music Group: Reports

Lil Wayne owns Young Money Entertainment, which has released music albums of reputed musicians like Drake, Nicki Minaj, Tyga, Young Money, and Rich Gang. However, a report in Music Business Worldwide states that Lil Wayne has sold the masters of several musicians to another recording label.

Lil Wayne sells masters to Universal Music Group

According to the report in the media portal, Lil Wayne’s ex-manager Ronald E. Sweeney has filed a multi-million dollar lawsuit on the American rapper. On December 10th, 2020 Sweeney accused Wayne of failing to honour an oral agreement to pay him a 10% share of certain one-off windfalls, reports the media portal. The reports in the media portal suggest that the plaintiff has alleged that Lil Wayne greed to him 10% of proceeds from three separate paydays: two lawsuit settlements and the sale of “any master recordings owned by the Young Money Label”.

Reportedly, the suit reads: “Plaintiffs are informed and believe… that, subsequent to [Sweeney’s] termination [as Wayne’s manager], specifically in or about June of 2020, Lil Wayne was able to sell the Young Money Masters to Universal Music Group for in excess of $100 Million.”

Does Drake own his masters? Does Nicki Minaj own her masters?

The media portal states that the lawsuit of Sweeney reveals that Young Money’s entire catalogue of masters was sold to Universal Music Group in a 9-figure deal. The catalogue reportedly owns the masters for Drake and Nicki Minaj as well. You can read the lawsuit here.

The label has had some mega-hit music records like Drake’s Scorpion, Views, Nothing Was The Same and If You’re Reading This It’s Too Late, plus Nicki Minaj's Pink Friday, Pink Friday: Roman Reloaded, The Pinkprint and Wayne's himself including Tha Carter IV, Rebirth, and I Am Not A Human Being.

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What is a master in the music industry?

According to The Balance Career website, a master license means that the license holder has the right to use a recorded piece of music in media projects. These projects include film, commercial, TV show, or another visual creation or audio project. It is generally obtained from the person who owns the recording and is generally the one who financed the recording.

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Lil Wayne's net worth

• As of 2020, Lil Wayne's net worth is estimated to be $150 million i.e. Rs. 10,973,625,000, according to a report by celebritynetworth.com.

Disclaimer: The above information is sourced from various websites/ media reports. The website does not guarantee a 100% accuracy of the figures.

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