By Jason Hall
December 14, 2020
Lil Wayne reportedly sold the rights to his masters to Universal Music Group for $100 million this past summer.
The transaction details were made public recently due to a pending lawsuit in which the New Orleans rapper's ex-manager is suing him for $20 million, TMZ reports.
Additional details about the transaction between Wayne and Universal Music Group have not been made public as of Monday, December 14.
The 38-year-old rapper has had a tumultuous year, which included pleading guilty to illegal gun possession on Friday (December 11), which he faces up to 10 years in prison for, according to prosecutors. Wayne reportedly entered a plea in Miami federal court, CNN reported per a release from the U.S. Attorney's Office for the Southern District of Florida.
Last month, the 'A Milli' rapper -- who was previously convicted of a felony charge in New York in 2009 -- was charged with criminal possession of a firearm and amunition, which stemmed from a December 2019 incident in which federal agents allegedly found a loaded gold-plated handgun in the rapper's luggage on a private flight.
Wayne, who reportedly told officers he had a gun in his bag, was arrested upon landing at Miami-Opa Locka Executive Airport following a flight from California. The rapper is scheduled to appear at a sentence hearing on January 28, 2021, CNN reports.
Wayne is also facing the aforementioned $20 million lawsuit filed by his former manager.
Legal document obtained by TMZ showed Ronald Sweeney filed a lawsuit against the New Orleans rapper citing unpaid commission. Sweeney was reportedly hired by Wayne in 2005 to help negotiate his contract with Birdman's Cash Money Records, which resulted in a legal dispute lasting several years before being settled in 2018, with help from Sweeney.
However, the attorney claims he wasn't fully compensated for his role in the negotiations between Wayne and the record label.
Additionally, Sweeney alleges that, around the time of the settlement, Wayne asked him to fire his then-manager Cortez Bryant and take over as his replacement. In doing so, Wayne reportedly agreed to pay Sweeney 17% commission, but the attorney claims Bryant and music executive/rapper Mack Maine "conspired to drive a wedge" between the rapper and himself, leading to his termination in September 2018.
Sweeney had previously filed a defamation lawsuit against Maine and Bryant in 2019 accusing both men of conspiring against him, Complex reports.
Wayne had previously sued Sweeney in January 2019, accusing the lawyer of swindling him out of $20 million when he worked as the rapper's manager, Complex reports.