Update (April 29):
A spokesperson for Cinq Music issued the following statement to XXL regarding TI’s lawsuit:
“Cinq Music advocates integrity and fairness. We will work comprehensively to cultivate creativity and ensure that our artists receive fair compensation. At the same time, we do not agree with the views raised by the other party in the article. We believe that the other party is pushing Cinq to accept a valuation that is clearly inconsistent with the facts. We will respond through appropriate legal channels and continue to seek an agreement that is fair to all parties.”
Original story (April 29):
TI has filed a lawsuit against Cinq Music, claiming the company refused to honor a contract that allowed him to buy back his music catalog at a low price.
Tip, whose real name is Clifford Harris, is suing independent label and publisher Cinq Music, claiming the company is blocking a 2017 contract clause that would have allowed Atlanta Rhythm to buy back master recordings from its catalog, according to a report in Digital Music News on Tuesday (April 28). Cinq purchased TI’s Atlantic Records-era catalog, which includes his most successful albums: “King,” “TI vs. TIP” and “Paper Trail.”
In the complaint, TI claimed that Cinq gave him an option to repurchase the albums at a later date on “very favorable” terms; but now the label is “artificially inflating” prices to prevent sales. The rap veteran claimed the original agreement set a buyback price of about $3 million, but Cinq allegedly demanded $52 million.
“Cinq for consent [terms],therefore […] try to frustrate [Harris’] “Working hard to complete the purchase,” the rapper’s attorney, Robert Jacobs, reportedly wrote in the lawsuit.
“Because when the two parties signed the Cinq agreement in 2017, it was well known that audio streaming and video streaming through DSP had become the main driving force for the growth and revenue of the music industry. Cinq had every reason to know at that time [streaming] exclude pair [price],” Jacobs added.
TI also claims that Cinq fabricated royalty deductions to “artificially inflate” the buyback price. The rapper’s attorneys argue that the label intentionally breached the contractual agreement in hopes of forcing the parties to negotiate for a higher payout.
XXL has reached out to TI’s attorneys, its representatives and Cinq Music for comment.
Meanwhile, TI was preparing to release his twelfth and final studio album, Kill The King. The first single from the series is the Pharrell-produced hit “Let ‘Em Know.”
