Last year it was reported, Weezy filed paperwork asking a judge to appoint a receiver to supervise the operations of Young Money’s joint venture with Cash Money Records or shut the label down completely and appoint a liquidator.
Weezy originally sued Birdman’s Cash Money Records, claiming the music exec owed him tens of millions of dollars, including an $8 million advance for “Tha Carter V.”
Birdman has already responded to the demand, claiming Wayne has no right to shut down the label while the rapper is still under contract with the company.
Weezy is now the sole owner of Young Money.
The rapper shares the news in a recent interview with Billboard.
Billboard reports, The terms of a recent out-of-court settlement between Wayne and Cash Money reportedly dictated that Young Money Entertainment, Wayne’s subsidiary of the label, is now owned entirely by him, though its distribution with Cash Money’s parent company Republic Records remains in place.
Lil Wayne and Cash Money have been embroiled in a public feud in recent years, over Wayne’s allegations that he was not properly paid for the music he released on the label. The tension included a falling-out between Wayne and Cash Money co-founder Birdman, a formerly close associate that Wayne has said he regards as a father figure. Wayne told Billboard that he and Birdman are back to speaking every day, but their relationship has changed. “Not even just with him, but my relationships with a lot of people have become different, just because of how different I work now,” he said.
Read the full Billboard profile here.