Lil Wayne has reached a financial agreement with Universal Music Group to sell his masters. UMG has acquired them for over $100 million, according to published reports.
The 38-year old rapper, real name Dwayne Carter, has not released a statement as to why he made the decision to sell, but TMZ reported yesterday that his former manager, Ronald Sweeney, is suing him for $20 million.
Sweeney claims the Young Money Records CEO, hired him in 2005 to handle a financial dispute with Cash Money Records and it's co-CEO Birdman. After a settlement was reached Sweeney claims to have only received a fraction of what he is owed.
Artists typically want to own their masters ... especially one that has been as successful as Wayne.
The New Orleans native has sold over 120 million records during his career.
Earlier this year Kanye West tried to buy his masters back from UMG, but was unsuccessful.
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