Lil Wayne is cashing in BIG TIME! According to TMZ, Lil Wayne has sold his masters to Universal Music Group for more than $100 million. In a time where artists are struggling to get their masters back, Wayne decided he wanted to cash in on his.
This deal took place in June of this year, however, it was not made public until now. Waynes former manager Ronald Sweeney is suing the Young Money boss for over $20 million. Sweeney claims that Wayne hired him in 2005 to help renegotiate his deal with Birdman and Cash Money.
Wayne settled the Cash Money suit in May of 2019, but Sweeney says he received “nowhere near” the amount that was owed to him. Along with these claims, Sweeney also mentions that Wayne asked him to fire his longtime manager Cortez Bryant over a conflict of interest in a legal dispute involving Drake and Cash Money.
Sweeney took over Bryant’s duties as manager and Wayne raised his commission from 10 to 17%. However, Sweeney claims that Bryant and Mack Maine “conspired to drive a wedge” between him and Wayne. Sweeney was fired in September 2018, he felt this was a direct result of Bryant and Maine causing issues between him and Wayne.
If you remember earlier this year, Kanye West has attempted to buy back his masters from Universal. He tweeted 100’s of pages on Twitter exposing contracts that he signed that was stopping him from buying his masters. In the midst of his rant, he suggested new guidelines for recording and publishing deals.
Was this a good move for Wayne? Looks like he is about to be coming up off $20 million.