Lil Wayne Reportedly HEATED over handling of Tyga’s Young Money Contract
New York, New York – Young Money Records is once again at the center of controversy. According to reports, Baby released Tyga out of the Young Money Records contract without consulting minority owner Lil Wayne. In most company structures, both, the majority and minority owners must sign off on acquisitions or arbitration of any said contract. According to Lil Wayne, no conversation, nor signature was secured on his behalf! From the sounds of it; Tyga would still be signed to the label. However, the Gardena, California rapper was released, free and clear from his contract with Young Money Records! Consequently, Tyga was quickly signed to G.O.O.D. Music Group as announced by CEO, Kanye West earlier this month.
A source close to the rapper says “Wayne feels his signature should’ve been necessary to let the artist out of his deal with the label.” As well documented, the turmoil surrounding this situation is just the tip of the iceberg! Wayne is currently suing Cash Money for allegations that Birdman squandered $70 million of Young Money’s $100 million label budget. The results equal Tha Carter V album hanging in limbo, a $51 million dollar lawsuit, and 22,015 pages of documents in litigation.
As seen in recent contractual mishaps in the entertainment industry; it’s imperative for Artist and Execs alike to understand and respect the BUSINESS of the biz! Know the ledge = Knowledge ~ Renzo