J Cole's manager Ibrahim Hamad denies Dreamville sale clarifies UMG deal closure and artist payouts
Dreamville Records cofounder and J. Cole’s manager, Ibrahim “Ib” Hamad, has dismissed speculation that the label was sold, clarifying that its recent financial windfall came from the closure of its partnership with Universal Music Group (UMG), not a buyout.
For those that misunderstood, we did not sell Dreamville lol. Never will, never would. We ended our Dreamville partnership with umg and some blessings came with that and When blessings come your way it’s only right to share those blessings with the family. Just some clarity 🫡
“For those that misunderstood, we did not sell Dreamville lol. Never will, never would,” Hamad wrote on Twitter. “We ended our Dreamville partnership with UMG and some blessings came with that. When blessings come your way, it’s only right to share those blessings with the family. Just some clarity.”
Rumors of a sale began after label artists JID and Bas publicly discussed receiving substantial payouts when the UMG deal ended. Speaking to Elliott Wilson and on The Joe Budden Podcast, Bas revealed that Cole distributed the proceeds among the Dreamville roster.
JID praised the move as “one of the most beautiful things in hip-hop,” adding that it’s rare for artists to benefit financially when a label partnership concludes. He noted that some members could walk away from music entirely and still be financially secure, calling Cole’s gesture unusually selfless in an industry he described as “predatory.”
Bas echoed that sentiment, framing the distribution as proof of Cole’s commitment to the artists he works with.
While the financial details remain undisclosed, Hamad’s statement makes clear that Dreamville remains independent and under Cole’s leadership. The label continues to operate actively, including promoting JID’s new album and working with its roster on upcoming projects.