Chief Keef’s Interscope Records contract is worth $6,000,000
Interscope Records must have a lot of faith in Chief Keef. Details of the Chicago rapper’s deal with the label have been released, and the contract is reportedly worth $6 million.
Spread out over three albums, Keef received $400,000 up front, half of which could only be released after a judge signed off on the deal.
From DNA Info:
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 payday, 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.
Signing him to such a lucrative deal may have been a little ambitious, as his aptly titled Finally Rich debut was far from a blockbuster. The album sold 50,000 copies in its first week, and only 100,000 to date. According to a clause in the contract, if the album doesn’t push at least 250,000 copies, Interscope has the right to renege on the entire deal.
One thing the label may not have banked on was Keef’s legal drama. The youngster is currently spending the next two months at a juvenile correction facility for violating his probation. He’s also being sued by a middle school student, for child support.