LOS ANGELES (LALATE EXCLUSIVE) – Lil Wayne’s Cash Money / Young Money made a shocking corporate disclosure Friday regarding its music. Cash Money Records Inc and Young Money Entertainment LLC were until Friday afternoon believed to be subsidiaries of Universal Music Group. That, however, is not the case, LALATE can exclusively report.
In 1991, news reports claimed that Cash Money Records Inc., founded by Bryan “Birdman” Williams and Ronald “Slim” Williams, was “signed” to Universal Music Group. A perusal of news reports, as recent as last week, still claimed Cash Money Records is a “subsidiary” of Universal Music Group.
But in newly filed court document exclusively obtained by LALATE, that is not the case. Lil Wayne, Cash Money, Young Money, and Universal are all being sued for the song “BedRock”, as reported first on LALATE. On Friday, attorneys for Lil Wayne and the other defendants filed their answer to the compliant.
Attached to their answer is the Corporate Disclosure Statement required by Rule 7.1. Pursuant to Federal Rule of Civil Procedure 7.1(a), the undersigned counsel for all the defendants including Universal and Cash Money certified that Cash Money is not a subsidiary of Universal Music Group nor any division of Universal.
“Defendants Cash Money Records, Inc. and Young Money Entertainment, LLC do not have parent corporations, and no publicly held corporation owns 10% or more of the stock of either defendant” certified Cynthia S. Arato, attorney for defendants Dwayne Carter, UMG [Universal Music Group] Recordings, Inc., Cash Money Records, Inc. and Young Money Entertainment, LLC
Dino Delvaille has previously told news in 2004 that Cash Money’s Universal deal entitled them to 100% ownership of their music. “When I signed Cash Money to Universal Records I made certain they retained 100% ownership of their work. They deserve it.” But in his 2004 article, and reports thereafter, Cash Money was always indicated as a subsidiary under the umbrella of the Universal Music Group family.