Drake re-signed with Universal Music Group in a deal said to be worth a whopping $400 million.
UMG’s chairman Sir Lucian Grainge has confirmed the ‘God’s Plan’ rapper inked an “expansive, multi-faceted deal” covering “recordings, publishing, merchandise and visual media projects” during the firm’s latest earnings call.
Variety reports that the deal was signed off in 2021, and a source told the publication it’s “Lebron-sized”.
The 35-year-old hip-hop star – who has sold more than 37 million albums worldwide – had previously hinted at his riches from his deal in his lyrics.
On ‘Lemon Pepper Freestyle’ from 2021’s ‘Scary Hours 2’ EP, he raps: “Three-sixty upfront, it all comes full circle,” suggesting he landed a $360 million paycheque.
And on Migos’ ‘Having Our Way’, he spits: “Billionaires talk to me different when they see my pay stub from Lucian Grainge.”
Confirmation of Drake’s mega-money deal comes after The Weeknd – whose real name is Abel Tesfaye – agreed a similar deal.
Grainge said of the contract with the ‘Save Your Tears’ hitmaker: “Over the past decade, we have been honoured to work so closely with Abel who has quickly become one of music’s most creative and important artists, a once-in-a-generation talent.
“We’ve developed a deep trust and respect that has enabled us to successfully execute Abel’s brilliant vision.”
Monte Lipman, chairman of Republic Records, added: “Abel is the consummate 21st century artist and global superstar who continues to break down creative barriers with his genre-bending repertoire.
“His success and career-defining accomplishments have made a historic impact around the world.”
Drake’s most recent album, 2021’s ‘Certified Lover Boy’, was released via his own imprint OVO Sound under license to Republic Records (owned by UMG).