After making public demands for a contract no less than $15 million, it looks like Lil Pump is willing to settle. Yesterday, news came in that Pump inked a deal with Warner Bros. Records for $8 million, down $7 million from his original asking price.
According to TMZ, the contract states that Lil Pump will receive an $8 million advance from Warner Bros. After his first year, Pump will receive a payment of $9,000, then $12,000 after his second, and $15,000 for each of the remaining contract years. the contract binds Lil Pump for seven years, which means that he will be 24 by the time the contract expires.
The contract also notes that Lil Pump will be paid 14% in royalties in the U.S. Additionally, the contract describes certain “provisions” that can give Pump up to 66% in royalties.
This will be Warner Bros. second attempt at signing the young rapper, with the first being voided because it was never validated by a court, and because Pump was a minor at the time he signed it. His old contract only offered him about $345k for his advance in a five-album, but with a budget as high as $500k depending on the sales. Still, this new contract blows his old one out of the water.
Before signing back to Warner Bros., rumors were floating that Gucci Mane was fixing to sign Pump to his 1017 Eskimo imprint. After Lil Pump commented on one of his own pictures on Instagram saying “F**k it ima sign Lil pump to lil pump”, Gucci Mane quickly chimed in by commenting “1017 u name the price” on the same photo. Later on, a video surfaced of Lil Pump rocking a 1017 chain, heating up rumors of Pump signing to Gucci that were already simmering. See the video below.
DJ Khaled made attempts to sign Pump too, and made his interest in signing the rapper no secret. He posted a picture of Pump and himself together in late January, including a caption that sparked a lot of speculation. Check out the Instagram post below.
MOGUL TALK!! STILL IN THE MEETING !!!! I TOLD MY LAWYER THIS IS URGENT !! Let’s get this deal done ! @lilpump @wethebestmusic??? LET THE LAWYERS WORK !!! Great meeting wit @lilpump and his team @DooneyThaLights @Abond15 @TimThaLights @ThaLightsGlobal BLESS UP !! AFTER YOU READ THIS POST MORE PICS OF THE MEETING UP NEXT ! 📸 @IvanBerrios
The news of Lil Pump’s new deal comes right after he made his own announcement on Twitter, which let fans know that his upcoming mixtape, “Harvard Dropout”, is due soon. Considering that he’s been on house arrest as of February, it wouldn’t be surprising if he were using the time to put the finishing touches on his tape. Expect new music from Lil Pump soon!