Death Row Records Sold For $24 Million

[STRONGARM]

Death Row Sold for $24 Million
Mon., Jul. 14, 2008 2:55 PM PDT by Josh Grossberg




How far the mighty have fallen.

Death Row Records, the legendary West Coast hip-hop label that launched such seminal rappers as Snoop Dogg, Tupac Shakur and Dr. Dre to superstardom and made mint at the front of the early '90s gangsta-rap boom, has been auctioned off for a relatively measly $24 million.

New York-based Global Music Group released a statement today confirming it was the top bidder at a June 24 auction and had purchased Death Row, including its hits-laden catalog and any outstanding recording contracts, for a relative song.

Death Row filed for bankruptcy in April 2006 after company kingpin Marion "Suge" Knight was unable to pay a $107 million judgment to former partners (and former couple) Lydia and Michael Harris, the latter a convicted drug dealer. The Harrises successfully sued the label claiming they were owed a lion's share of the profits for providing start-up funds.

After Knight failed to respond to the suit and skipped several court hearings, a default judgment was entered. That forced Knight to file for Chapter 11, posting debts of $137.4 milion and only $4.4 million in assets.

According to his camp, the move also allowed him to retain control of the masters to such classic rap albums as Dre's The Chronic, 2Pac's All Eyez on Me and Snoop's Doggystyle and prevented a judge from appointing a trustee to take over managing the firm and its assets.

Not so, according to the Global Music Group, which was started by former skin-care magnate Susan Berg and also has offices in Tennessee. The company dabbles in country, rock and R&B, as well.

A board member for the music company, who did not wish to be identified, told E! News that GMG had gotten "everything," beating out competitors like Warner Music Group and EverGreen Copyrights, and said Knight no longer has a relationship with the infamous label he cofounded with Dre.

"We've got people out in L.A. masquerading like they own everything when they don't," said the exec. "We're going to be in the process of not only putting out new stuff for the catalog but signing new artists as well."

Upcoming releases could include a new posthumous Shakur compilation, made up of unreleased tracks from the vaults.

The board member said that Global Music Group was still going through what it acquired, including figuring out what artists still have contracts with Death Row.

Knight and his lawyers were not immediately available for comment.

Death Row Sold for $24 Million - E! Online

Kinda funny since, if you guys remember Dre TOOK the masters for "The Chronic" when he left Death Row.. and those are the same masters Suge and his boys hogged on when they paid Dre a visit at his house a little while later..! lol.. now this independant label owns all that shit.. for $24 million. Good deal imo. Plus this label plans on releasing yet ANOTHER Tupac album.. since Tupac recorded so much material to get out of his own contract with Death Row when he saw how they were fucking people out of money. That's why he recorded a double album and then another full length album so fast.. hahahaha.

Fucking Suge.. it doesn't say it in this article but in another one I read it said when Suge first filled Bankruptcy.. when the court checked out his bank account he only had $11 dollars..! lmmfao..

[Xylo]

News flash Suge Knight gets KO`d and sells Death Row for a paultry 24 mill but after taxes and debt collections Knight receives $11 dollars via direct deposit into his account.

Knight now un suicide watch!

[Aztek]

lol...pac recorded so much so fast for more than one reason...but yea..this is crazy...it sold to some middle age white chick..i saw it on some show...she thinks she is gangsta too!!!....lmfao...

[Fero Blaque]

Why would one buy 'Death Row' ?

[STRONGARM]

For the back catalog.. this new company owns the MASTERS and Rights for all the shit Dr. Dre/Snoop/Pac put out on Death Row. So from now on any sales for those albums, this new company gets a cut (minus individual artist residuals). And they have the right to reissue those albums as they see fit. Plus put out new compilation CD'S.. or new albums with unreleased 2Pac material, etc.

Think about it, they now own:


Dr. Dre - The Chronic (4x Platinum)
Snoop Dogg - Doggystyle (5x Platinum)
Above the Rim Soundtrack (2x Platinum)
Murder Was the Case (2x Platinum)
Tha Dogg Pound - Dogg Food (2x Platinum)
2Pac - All Eyez on Me (Diamond 10x platinum)
2Pac (as Makaveli) - The Don Killuminati: The 7 Day Theory (9x Platinum)
Snoop Dogg - Tha Doggfather (2x Platinum)
2Pac Greatest Hits (9x Platinum)
2Pac - Until the End of Time (5x Platinum)
2Pac - Better Dayz (3x Platinum)


Amongst other shit including unreleased material from Dre, Snoop, Pac etc. plus they took over all the contracts people had with Death Row. It's a good purchase.. strictly for the back catalog.

[R.D.]

yeah they have some crooked i and ray j masters too

lmfao

naw but seriously.. im just disappointed we have to watch a new music company rape the death row classics

[Rawk.Star]

lol wow

[MisterCaCa]

dam thats some shit
i wish i coulda had 24 million and one dollars to outbid
i would b fucking rich hahahahaha

P.S.
Suge gon go n get 2 happy meals and be broke hahaha

[Mush Mouf]

Originally Posted by MisterCaCa

dam thats some shit
i wish i coulda had 24 million and one dollars to outbid
i would b fucking rich hahahahaha

P.S.
Suge gon go n get 2 happy meals and be broke hahaha.

Suge's already broke my friend, trust me.