Rumors abound that Elliot Grainge’s 10K Projects and Warners are locked up in an exclusive negotiating period regarding Warners making a major investment in Grainge’s company, which would involve a new distribution deal and could dramatically increase 10K’s valuation. While we’re told the deal isn’t done yet, insiders expect this new partnership to close by mid-August.

Cutting-edge rap star Ice Spice, who’s blowing up on the DSPs and socials, is the latest of the long list of acts that 10K has developed and broken during the last half decade.

LionTree is said to be running point, with Allen Grubman repping 10K for legal. For most of last year, it was assumed that the Raine Group and 10K would seal a pact, but that deal never materialized.

Some insiders say that WMG’s pursuit of the deal with this next-gen leader and his innovative young team—who would remain fiercely independent as a mini-major within Warners’ structure—would be a real coup for Robert Kyncl and Max Lousada, who want to inject more youth into the company, insiders say.