Grammy-winning rapper T.I. is reportedly the talk of the music industry as his ten-year contract with Atlantic Records has come to an end and a bidding war has started.
According to reports, Tip is seeking an ideal record contract worth up to $75 million.
Got $75 million handy? If so, you can sign T.I. to your label ... the hip hop star just became the number-one free agent in rap -- and despite the steep price tag he's putting out ... some deep pockets are already lining up. Sources close to T.I. tell TMZ ... T.I.'s 10-year contract with Atlantic ran up only a month ago ... but he's already put together his own idea of a $75 million deal: - 3 albums - 10-20 percent of publishing, touring, merchandise, film and TV rights - Corporate endorsement deals - Exclusive signing of all Grand Hustle artists (TMZ)
As of now, there is reportedly $50 million waiting for Tip along with interest from Dr. Dre and Jay-Z on the table.
Sources close to T.I. tell TMZ ... he's already met with some of the industry's biggest names ... including Dr. Dre, who asked him to join Interscope over dinner at Katana recently (see picture) ... and Jay-Z, who wants T.I. in the RocNation family. We're told Sony's put a $50 million deal on the table so far ... and Universal's meeting with him later this week to make an offer too. (TMZ)
Coincidentally, Atlantic Records contacted T.I. last year for his opinion on hiring fellow Atlanta rapper Young Jeezy as its senior vice president of A&R.
"I think that's phenomenal for Young and I've known about it for quite some time now. He came and spoke to me and asked me how I felt about it as far as whether or not it was a good fit for him," Tip revealed in an interview. "And [Atlantic] came and asked me how I felt about it whether I felt that he was a good fit for the position and what not and I think it's phenomenal. Now as far as me, I don't know if I could necessarily do it. When I'm not working on my projects or focusing on my label's projects I'mma go do me some movies or I'mma be bouncing back and forth doing other things. So I just don't know how much undivided attention I could dedicate to a position like that." ("The Morning Riot")
The "King of the South's" run with Atlantic Records reportedly started with the release of 2001's I'm Serious, which led to a series of platinum-selling efforts.
Once dubbed "the Jay-Z of the South" by Pharrell Williams, T.I.gradually came into his own and established himself as one of rap's most successful MCs during the early 2000s. Like Jay-Z, T.I. -- born Clifford Harris in Atlanta, Georgia -- carried a balance of smoothness and toughness, and although 2001's I'm Serious didn't shoot him out of the gate à la Reasonable Doubt, he consistently grew and launched a string of major hits with 2003's "24's." Throughout the six following years, T.I. maintained a consistent presence on urban radio stations in America: 2003's Trap Muzik, 2004's Urban Legend, 2006's King (released in tandem with T.I.'s debut screen appearance in ATL), 2007's T.I. vs T.I.P., and 2008's Paper Trail -- all released through the MC's deal with Atlantic -- were Top Ten albums, with the latter three even spending time at the very top of the chart. (All Music)
Tip’s deal requirements will total $75 million and include:
Only 3 albums, 10-20% publishing, touring, merchandise, film and TV rights, endorsement deals, and signing all Grand Hustle artist.