MGM Records announced a five-year renewal deal with singer Billy Eckstine today (October 28, 1950).
According to the terms of the deal Eckstine, who signed the deal on October 19th, was to earn as much as $1 million over a 10 year period.
Eckstine received a minimum guarantee of $52,000 per year over the five-year term of the deal.
Additionally he collected revenues and royalties even in the event that he signed with another label at the end of the five year period.
Eckstine was required to do a minimum of 16 sides for the deal and an album per year during the five year term.
Some of the records that Eckstine released under the deal with MGM included “Tenderly” “Mr. B With a Beat,” “Rendezvous” “That Old Feeling” and others.