Breakout rapper Lil Pump signed his contract with Warner Bros. Records when he was a minor and is thus open to competing offers, a source close to the situation confirms to Variety. Those offers have gotten as high as $8 million to $12 million, according to reports; the news was first published by Hits. A rep for Warner Bros. declined Variety’s request for comment.
A report in TMZ last year said that Pump received a nearly $350,000 advance on his Warner contract, but after a Top 3 hit single with with “Gucci Gang” and a self-titled debut album that bowed at No. 3 on the Billboard 200, he’s set to make a substantial improvement on that — all before he turns 18.
The situation presents a challenge for the new leadership regime at Warner Bros. New co-chairman/COO Tom Corson officially took the helm just last week after several successful years at RCA; co-chairman/CEO Aaron Bay-Schuck remains under contract to Interscope until September and it remains unclear when he will move across town. Both were brought aboard by new Warner Music Group CEO of recorded music Max Lousada, who officially took charge on Oct. 1. Regardless, the source tells Variety that Warner is working hard to keep Pump in the house.