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Faced with dwindling record sales, the threat of a buyout from a large media conglomerate and a shooting on a music video set, record industry moguls Jackson and Grady Rhames search for options to save their family business, independent hip-hop label Sweetback Entertainment. Looking to get their business back on track, the Rhames brothers pursue new artists for their label. They team up in an attempt to steal their rival record label's hottest rapper, but in retaliation, the rival label sends a gang of thugs to beat up David Ross, Sweetback's chief counsel. Meanwhile, a magazine reporter threatens to make Sweetback's financial problems public and Grady's cronies go overboard in an attempt to shake down the reporter. And, Jade Rhames defies her brothers' authority and goes out with Sweetback's marquee artist, VersIs.