NEW YORK (CelebrityAccess MediaWire) — Months after being acquitted of several charges related to money laundering through his Murder Inc. record label, hip hop impresario Irv Gotti has reportedly signed a new three-year distribution deal with Universal Music Group.
Gotti, who angrily accused UMG of not supporting him during his legal troubles last year, will receive nearly $10 million in an advance against future profits and payments to cover overhead, according to the New York Times. The agreement will also allow Gotti to buy ownership of Murder Inc.’s master recordings.
Gotti’s label took a serious hit when Universal severed ties with Murder Inc. during the trial, and stars such as Ashanti and Ja Rule saw dismal sales compared to the label’s glory days.
However, Gotti remains optimistic about the new deal and future of his label. “It feels exhilarating,” Gotti told the Times. “It’s like a rebirth. It feels like God put me through hell, showed me a lot of things, showed me who the good people and bad people are around me, and lined me up to do what I’m put here to do.”
The deal will also put Gotti in charge of a new profit-sharing venture with the company’s Universal/Motown label. –by CelebrityAccess Staff Writers
