Eminem Wasn't Consulted In Scheme To Sell His Old Music
(AllHipHop News) Eminem has denied any involvement in a scheme offering fans the chance to buy shares in his musical back catalog.
Bosses at a new company, Royalty Flow, plan to buy a portion of the rights to songs the rapper released between 1999 and 2013 from Jeff and Mark Bass, the producers who signed Eminem to his first recording contract.
They plan to raise the funds to buy the rights by selling shares in the company to fans an investors.
Despite Royal Flow offering investors the chance to profit Eminem's music for as little as $2,250 , a representative for the rapper distanced him from the venture.
"Eminem is not involved in any deals for the sale of recording royalties and has no connection to this company," they told Billboard.com. "The decision to offer the royalty stream for sale or otherwise was made independently by a third party who retains royalties for an early portion of his catalog and Eminem was not consulted."
The deal includes a portion of the rights to many of Eminem's biggest hits including My Name Is, The Real Slim Shady, and Without Me.
The Bass brothers' company FBT Music receives 50 per cent of money earned from downloads of Eminem's music as a result of a 2012 case brought against Universal Music Group.
According to documents filed with the U.S. Security and Exchange Commission on Monday, Royalty Flow will be floated on the stock market if investors match a minimum $11 million valuation.
An investment of $2,250 buys 150 shares in the company at $15 each.
Royalty Flow's plan to offer fans the chance to profit from a musician's song rights mirrors David Bowie's 1997 move to issue asset-backed securities backed by the revenue generated by his music.
The company's chief executive Jeff Schneider told Billboard the company hopes to conclude other deals to purchase song rights.
"We hope to buy assets that will appreciate over time and as that occurs, it could increase the value of the stock prices," he said.