DNAinfo is reporting that the details of Chief Keef’s contract with Interscope have been made public as part of a court order. No, it’s not because the “I Don’t Like” rapper is getting charged with anything (this time).
Typically the details of a rapper’s contractual agreement with a major label are only hinted at in the verses they spit and the clothes that they wear. However as Keef, born Keith Cozart, was a minor at the time of his signing with the major label, his contract requires signed approval from a United States court judge.
So how did Keef make out? Pretty damn well, with a couple of asterisks here and there. First! Keef’s deal with Interscope is worth $6 million over the course of three years and three albums. $440,o00 of that sum is advance money that Keef received upfront for signing on. Interscope also covered the cost of the recording and production of Finally Rich to the tune of $300,000.
Keef’s label Glory Boyz Entertainment, or GBE, got a big pay day out it as well. Interscope outlined $640,000 for the label in a separate contract from Keef; $440,000 as an advance to help establish the label and $200,000 to cover overhead costs and other expenses. But Keef got paid there as well; the young rapper and his manager Rovan Manuel got an $180,000 advance there as well and both are named as owners of the label, with each receiving a 40% controlling stake.
Interscope has a couple of outs here in case things don’t pan out. If Keef’s 2012 debut Finally Rich can’t move more than 250,000 units by December of 2013 then Interscope can let themselves off the hook for Keef’s second and third albums and a compilation release. Interscope can also pull the plug on their separate deal with GBE if the major incurs more than $4.5 million in losses while working with the imprint. GBE and Interscope will split all profits from their joint dealings.
The funniest thing about all this? Keef probably hasn’t seen a penny of his earnings from his advance yet. His money is currently held in a “blocked trust” controlled by his grandmother. Payouts for so-called “blocked trusts” don’t begin until the minor involved turns 18.
Keef is going to have the biggest, most ignorant eighteenth birthday party ever.