Veteran music executive and producer Irv Gotti (Irving Lorenzo), the founder of rap label Murder Inc, has sold a stake in his master recordings to Olivier Chastan’s acquisition vehicle, Iconoclast.
The veteran music executive has 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 via the purchase of the rights to ‘The Band’ legend Robbie Robertson’s music publishing and name, image, and likeless, plus his recorded music interests, covering his career to date.
Robertson wrote and played on a run of hits for legendary rock act, The Band, including The Weight, The Night They Drove Old Dixie Down and Up On Cripple Creek.
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, Lloyd, Charli Baltimore plus others.
According to the statement issued to media, 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.
In a statement published on Instagram last week, Irv Gotti wrote: “I FUCKING DID IT!! Signed my deal.
He added: “I sold my Past. To ignite my FUTURE. Watch your boy go. @olivierchastan let’s goooooooooooo!!! ALL MADE POSSIBLE BY. @thisisiconoclast”
The deal was negotiated by Walter Jordan, with legal representation by Brian Robinson and Gary Stiffleman.
Olivier 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.
The US-based French executive quietly launched Iconoclast last fall, and, speaking with MBW in February, said that the company had completed five separate music rights acquisitions since then.
Iconoclast’s founder added that his new acquisition vehicle has a “strong focus on technology”, including immersive entertainment and blockchain, and added that, “we want to drive the conversion to make legacy artists relevant in the future of entertainment”.
MBW’s sources tell us that Iconoclast is being backed by Pimco, which has over $2 trillion in assets under management. Chastan refused to comment on that suggestion while speaking with MBW in February.
Music Business Worldwide