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"In actuality, it was G-Unit that terminated a Brand Licensing Agreement that it had entered into with Sleek, which termination automatically triggered the termination of the earlier announced tri-party agreement," the press release states.
Upon terminating their agreement with Sleek Audio, 50 and TV Goods entered into a new deal with yet another 50-affiliated company SMS Audio to produce and distribute 50 Cent-branded wireless over-the-ear headphones.
"I feel TV Goods is the right partner for direct response marketing of our first audio product," 50 explained when the initial tri-partnership with Sleek Audio (whom TV Goods was to invest in) was announced. "This is their specialty. I know quality sound equipment, and TV Goods knows how to bring it to consumers through their living rooms."
In addition to his affiliation with SMS Audio, 50 is also a shareholder in TV Goods, having purchased 7.5 million shares of the company for $750,000 back in January.
We're sure Jimmy Iovine and Dr. Dre are thrilled.
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