LOS ANGELES (CelebrityAccess) – Well-known hip-hop and rap music executive and producer Irv Gotti (Irving Lorenzo), the founder of rap label Murder, Inc, has sold a stake in his master recordings to Iconoclast.
The veteran executive announced that the deal is worth $300 million, and according to a media release, “sees him sell his 50% ownership stake of his masters, with additional funding for various film and television projects”.
Founded by Olivier Chastan, Los Angeles-based Iconoclast entered the music rights acquisition space in February 2022 via the purchase of the rights to Robbie Robertson’s (The Band) music publishing, name, image, and likeless, plus his recorded music interests.
Murder Inc was formed in 1999, after Gotti’s success as a music executive at Def Jam Records. The label played a key role in launching some of the biggest names in hip hop, soul, and R&B including Ja Rule, Ashanti, and Lloyd, plus others.
Visionary Ideas President Darcell Lawrence, Nicki Lorenzo-Rabin CFO, and John “BJ” Bryant EVP will continue managing the Murder Inc company and developing content for BET/Paramount Global, (per media statement).
In a statement published on Instagram last week, Irv Gotti wrote:
“I FUCKING DID IT!! Signed my deal. I sold my Past. To ignite my FUTURE. Watch your boy go. @olivierchastan let’s goooooooooooo!!! ALL MADE POSSIBLE BY. @thisisiconoclast”
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Chastan was previously CEO at Irving Azoff’s Iconic Artists Group, which last year acquired catalogs from the likes of the Beach Boys, David Crosby, and Linda Ronstadt.