Is this the end of Skales? How will he pay the sum of 5billion naira to Baseline records? First, let me give you a run down on what is really going on with Skales and why I am talking about the end Skales.
READ: SKALES MANAGER ARRESTED FOR STEALING 13.3 MILLION
Skales signed a ‘wonderful’ deal with Baseline Music 2 years ago. An insider told us that the deal was worth over 200million. That’s about the biggest deal in this side of the world.
In an official statement made by Howie T (Baseline label manager), he said,
‘I cannot give you any specific figure because we don’t want other artistes to start running to us. However what I can tell you is that the deal is worth hundreds of millions. It includes his new car, new house and total lifestyle package. We are changing his whole lifestyle. We don’t want to create any form of distraction by revealing any figures, but trust me it’s a huge deal, it’s about the biggest deal in the industry at the moment’.
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Information reaching us concerning the contracts reveals that Skales signed a 5 year deal.
‘Under the terms of the Contract, Skales assigned to the company all copyright and other rights or interests throughout the world in all sound recordings made by Skales prior to or during the term of the Contract. The Contract further provided that the Company shall be entitled to 70% (seventy percent) of the gross receipts received by Skales from performance and tours and brand endorsements during the term of the Contract’.
The ‘wonderful’ aspect of the contract states that, ‘The artiste may terminate this agreement prior to the expiration of the contract period by paying the company the sum of ten million pounds sterling’.
How will he be able to raise 5billion naira considering the current exchange rate? If he doesnt remains with them until the end of the contract whether he still have grudges or not. Business is Business.
I will like to hear your thoughts on the issue.
Here is what people are saying on tweeter: