Cash Money records co-founder Birdman says that Lil Wayne was signed to "the biggest deal ever in urban music".
The 29-year-old American rapper reportedly signed a contract extension to release four more albums with Cash Money for US$150 million (NZ$184 million).
Lil Wayne has been signed to the label since he was 11-years-old.
Birdman declined to specify the amount he spent to retain Lil Wayne, but the record executive believes the rapper is well worth the fortune.
"YMCMB start and stop with Wayne; it ain't no YMCMB without Wayne," Birdman told MTV News.
"The type of situation we did never been done in urban music; it's probably the biggest deal ever in urban music. I'm blessed to even do that - whatever my son want, he can get. It's all his anyway, so it don't really matter to me."
Birdman is hoping to expand Cash Money into a billion dollar business.
"That's one of our goals, and the move we just made was a big move to that, to make sure the pioneer of it, which is Wayne," he shared.
Lil Wayne's next album entitled I Am Not a Human Being II is set for release later on this year.
- Cover Media