When it came time for us to terminate the deal, Universal Music Group offered me $1 million. I only owned 50 percent of my masters and Universal Music Group owned the other 50 percent. It we make these movies for 5 million or less and they do 30 or 40 million, it’s a huge success.Īlso, I want to make sure this is correct. Christian Robinson did ATL and that’s a good movie. I’m gonna f–k with my Benny Boom’s, Little X’s and Christian Robinson. They can now come to me if they want to make a TV series or a movie. I’m trying to have Visionary Ideas be how DreamWorks was with different filmmakers, writers and producers. That’s why I sold my masters and did this deal with Iconoclast. This is why Tyler Perry is a billionaire. With $300 or $400 million, I could sell it at a 10 to 20 multiple. If I have 100 episodes of television and I own it, they’ll probably put a worth on it at $300 or $400 million. We love the music industry and I love the music industry. More money is made in TV and with movies than music. Why do you think the music industry ranks lowest? The entertainment industry is music, TV and film, right? The music business is the lowest form, and I just bagged $100 million for s-t I did 20 years ago. The CEO of BET, Scott Mills, we’re in talks now to build a business model where they will license all of my TV, scripted and unscripted, for X amount of years - and then after X amount of years, I own it outright. ![]() The movie, Tales Presents: We Made It in America, he’s allowing me to pay my own money and own it, and then Paramount will distribute it. It’s basically through him that I’m crafting deals where he will enable me to own it. I can safely say to you that my relationship with the boss of Viacom/CBS, Bob Bakish, is a one-in-a-million relationship, because of his love and belief in me. The relationship I have is with Viacom/CBS, which includes BET, Showtime and the different entities. What can you share about your development deal with Paramount Global and BET? We did our best for other motherf–kers, and now it’s for us. I tell everybody, ‘If you thought I worked hard for them then, now I’m set up for me and my family, the Domingo family.’ There’s a fire burning in me that’s crazy, and that’s why I’m up at 6 in the morning like, ‘Yeah, I’ll be there.’ It’s my money now - so you know you’re gonna work extra hard when it’s your money. I made Universal Music Group probably $1 billion with my work with JAY-Z, DMX, Ja and everything. Everyone knows me to be a hard worker and thinker. This deal is one step towards my promise to Papi. I’m inspired because I’m never going to not live up to my word. My last words to him were, “Don’t worry about nothing, I’m gonna take care of everybody that comes from you and. But he’s with me and I feel his presence. It’s very surreal, but I would give every dollar of the $300 million to get my dad back. I’m a very spiritual person, and it’s God and my dad who passed away on Nov. We met and it was a love fest - Oliver felt my energy and the deal didn’t take long, a couple months. Then Zach said he knows Oliver Chastan, and he’s the best and pays top dollar. ![]() My good friend Zach Horowitz, who used to be the CFO for the Universal Music Group, called me and was like, ‘Irv, are you interested in selling ?” My guy Walter Jordan was always telling me, ‘Irv, you’ve got money there.’ When I did that, it opened up a can of worms. I raised $5 million for me to shoot my movie, and I used my music catalog as collateral. How did you craft this $300 million deal? “He was a cab driver - I watched him work the graveyard shift and early in the morning to provide for his family,” Gotti says.īillboard caught up with Gotti for an upbeat phone call about the new deal and upcoming business plans, during which the magnate unveiled his long-term vision for Visionary Ideas Entertainment - which includes creating opportunities for young people and supporting his own family. Instead of going to the investment circle and maybe raising $100 million, I did it myself, and I’m betting on myself.”Ībove all, the millionaire-mogul is grateful for his latest blessing after the death of his dad, Irvington Domingo Lorenzo Sr. I’m building Visionary Ideas Entertainment into a multi-billion dollar entertainment company. ![]() “God himself is holding my hand right now and I’m not letting go.” he says. Gotti is understandably excited about the new windfall, particularly when he compares it to the $1 million figure he was once offered by Universal Music Group for his masters. Signs Distribution Deal With 300 Elektra Entertainment
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