By Hayden Wright
Wiz Khalifa is suing former manager Benjy Grinberg and his Rostrum Records over a “360 deal” he signed in 2004 at age 16. A 360 deal is generally understood as a recording contract that provides management and the label a percentage of profits from merchandise, touring and other aspects of an artist’s revenue stream. Khalifa seeks $1 million in compensation as well as punitive damages and attorney fees, reported Variety.
Khalifa’s lawyers say he was “induced” to sign the deal against his self-interests, potentially costing him earnings over the years. He and Grinberg parted ways in 2014 after a decade of partnership.
In a statement, Grinberg said, “[I’m] Very disappointed and surprised by today’s news. To witness an artist turn on you after supporting them for a number of years is very disheartening. This is an egregious lawsuit filled with inaccuracies, yet unfortunately people sometimes resort to these practices as a way of conducting business.”