Drake has entered into a major new deal with bosses at Universal Music Group (UMG).
During a company earnings call on Tuesday, chief executive officer and chairman Lucian Grainge confirmed that executives had signed an expansive deal with the rapper, which is set to include recordings, publishing, merchandise, and other projects.
While Grainge did not announce how much the contract is worth, an insider told Variety that it is “LeBron-sized” – referencing legendary basketball player LeBron James.
Drake reportedly brings in $50 million (£40 million) to UMG annually, and the deal could potentially be in the range of $400 million (£320 million).
The One Dance hitmaker himself seemingly references the negotiations in his songs Lemon Pepper Freestyle and The Remorse – both released in 2021 – meaning the deal has been in the works for some time.
In Lemon Pepper Freestyle, he raps, “Three-sixty upfront, it all comes full circle,” seemingly alluding to the figure of $360 million (£288 million), while in The Remorse he declares, “Billionaires talk to me different when they see my pay stub from Lucian Grainge.”
Representatives for Drake and UMG have not officially commented on the news.