Grammy Award-winning rapper Saint Jhn and his manager Kareem "Biggs" Burke are accusing HitCo founders L.A. Reid and Charles Goldstuck of shady business practices after they say they were misled about the sale of their catalog!!!
TMZ Hip Hop spoke to Biggs ... who is fuming in the aftermath of L.A. and Charles' sale of HitCo to Concord Music for a reported $75 million this past August.
Biggs says he and Saint learned of the deal beforehand and attempted to negotiate to buy back their masters before the sale closed -- but he claims they were assured the label sale was just a rumor.
Biggs says he also offered to buy HitCo in a joint purchase with another group but was turned down shortly before Concord officially acquired it.
Afterward, Biggs says he still attempted to buy Saint's masters from both HitCo and Concord for $25 million, an offer that was once again rejected.
Concord acquires L.A. Reid’s HitCo Entertainment, the label home to Big Boi, Jennifer Lopez, and more. https://t.co/QJCUBwIozh #hitco #lareid #concord pic.twitter.com/3uqz21E6am
— AChickWitBeatz (@achickwitbeatz) August 12, 2022
Concord eventually let Saint Jhn out of his deal with one big condition -- the label kept ownership of his entire catalog. Saint tells us "freedom is priceless" and is loving the newfound independence ... but he and his team would still like to get back his IP.
Saint Jhn’s “Roses" single was HitCo's biggest record ... winning a Grammy for Best Remixed Recording and amassing more than 4 billion streams.
Biggs says he isn't sure why they got screwed, but he just wants Concord to do the right thing with the Sain't's masters.
We reached out to Concord for comment ... will let you know when we hear back!