However, not long after the termination of the tri-party agreement, TV Goods and 50 Cent, via his affiliate company, SMS Audio, LLC, entered into a Term Sheet for the two parties to continue joint efforts to produce and distribute a direct response television infomercial to globally market a wireless over-the-ear headphone product offered or sold by SMS that is endorsed by and/or and bears the name of “50 Cent.” Sleek is not a party to that Term Sheet.
The original Term Sheet, as previously announced, was strictly limited to marketing the “Sleek by 50” product and was dependent upon SMS and Sleek reaching an agreement on the acquisition of rights to that product. Under the revised Term Sheet, the definition of “Product” is now not restricted to an over-the-ear headphone product only from Sleek but now includes an over-the-ear headphone product offered or sold by SMS that is endorsed by and/or and bears the name of “50 Cent.” This could result in getting a product to market sooner. It also removes the requirement that SMS first reach an understanding with Sleek. Now that is no longer required to be accomplished before TV Goods and SMS move forward on a product.
Full Story: Yahoo
50 Cent has yet to comment on the situation, so only time will tell if he will still be dropping headphones.
“Instead, I have established a new company that is developing a complete line of audio accessories, including wireless headphones, offering superior sound quality along with cutting edge technology for all music lovers to enjoy.”
– 50 Cent – AllHipHop
