The music label that took Bad Bunny to the pinnacle of music stardom is negotiating a contract with Sony Music Group, according to Billboard. As part of the deal, Sony would acquire the shares of a controversial businessman linked to the Hugo Chávez regime.
Rafael Ricardo Jiménez Dan was vice minister of Legal Security of the Chávez government between 2006 and 2013. He was also named CEO of a cardboard and paper packaging company a couple of months before Chavez nationalized it, according to Billboard. He closed numerous contracts for public works between his companies and the Venezuelan government.
Jimenez is a partner in Bad Bunny's label, Rimas Entertainment. A lawsuit published by several media outlets revealed he initially invested $2 million in the company. Corporate documents obtained by Billboard provide more details. The entity with Jimenez's shares in the label had assets of $1.34 million and liabilities of $648,098.
Billboard reported that if the deal with Sony goes through, Jimenez could get more than $200 million. The former Chavista official said in a conversation with
Billboard that the money to finance Rimas had come from a restaurant in Miami, Florida, and from a food importing company.
Jimenez led the company on his own for four years before handing over to the current CEO, Noah Assad. If true, Jimenez would have been involved in decisions regarding Bad Bunny's career, including the signing of his first contract.
Assad is the face of Rimas. The Billboard Power 100 Executive of the Year tried to buy out Jimenez before, according to the same report. He is now reportedly negotiating a contract that would release him from this relationship and allow him to share control of Rimas with Bad Bunny.
Bad Bunny entregándole el premio de 'Ejecutivo del Año' a su manejador Noah Assad en el evento de Billboard Power 100. 🫶🏻
— Noah se convierte en el primer ejecutivo latino en obtener este reconocimiento. 🇵🇷 pic.twitter.com/YXrZcTgjl6— Bunny’s Network (@badbunnynetwork) February 2, 2023
