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Death Row sold for a measly $24 Milli
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| tjpatel |
| quote: | It doesn't seem all that long ago that once almighty Death Row Records was such a prominent force in the music industry raking in $750 million dollars in revenue back in the '90s, not to mention that "Tha Row" was also once the recording home to rap superstars like Snoop Dogg, Dr. Dre, and the late Tupac Shakur. In actuality though, that was about 15 years ago and it's most definitely not a secret that the now fallen rap label has gone through some harsh times. It's like the saying goes, the bigger they are, the harder they fall. What was once the struggling label's saving grace has now been sold to the tune of $24 measly million dollars to Global Music Group, Inc., including it's trademarks, music publishing assets and most importantly it's master recordings (which include all those Pac verses that have yet to see the light of day). Perhaps we'll hear another poorly remixed Pac album soon.
It was reported on June 24 that the label was up for auction and was sold to the highest bidder at the aforementioned amount, now it's just verified and official.
Check the press release
DEATH ROW RECORDS AWARDED TO
GLOBAL MUSIC GROUP, INC.
A NEW YORK CORPORATION FOR $24M
LOS ANGELES---Legendary hip-hop record label, Death Row Records including its trademarks, master recordings and music publishing assets, was awarded to Global Music Group Inc., a New York corporation, which placed the winning bid of $24M on June 24, 2008, it was announced today by spokesman Roger Muse, attorney for Global Music Group, Inc.
The auction sales price of $24M includes the entire Death Row Records catalog of recordings, artists' agreements, artwork, music videos and publishing rights, all free of past debts and lawsuits.
Death Row Records and Suge Knight filed Chapter 11 Bankruptcy in April, 2006 with over $100M in judgments and debts. The Death Row catalog includes the biggest albums from such well known artists as Tupac Shakur, Dr. Dre, Snoop Dog, Warren G. and Nate Dogg, among several others.
Global Music Group Inc. was incorporated in New York by Anthony Marotta, the company's Vice President. Marotta worked at Warner Brothers on "Cold Chillin Records" by Biz Markie and has produced many records to date. "The acquisition of this asset will enable Marotta to bring his talent and expertise to a larger audience," said Susan Berg, President of Global Music Group, Inc.
Global CEO Anthony Davi Jr.of A.G. Davi Real Estate and Secretary Martin Satow of A.V. Solutions, both based in Central California, are among the investors that joined Susan Berg, President of Global Music Group Inc. New York, in the initial investment.
Berg qualified Global Music Group Inc. New York as a bidder with the Federal Bankruptcy Court two weeks before the actual auction by taking all actions required by the court, including putting up more than one million dollars on deposit. The company was represented by attorney Kathleen P. March, Berg and Davi, who attended the auction of the music-related assets by the Bankruptcy Court, Central District of California by Chief Judge Zurzolo.
Berg is also President of Foxy Avenue Clips (foxyavenueclips.com), a premiere men's grooming business with plans to open salons nationally in the next two to three years.
"As we look towards the future, our initial focus is to bring in the right partners and leadership. This will enable us to position the company for the best economic results out of the catalog and provide long term stewardship of the artist's work." said Davi. Many candidates have been discussed to spearhead the label and Global is composing a highly qualified team of creative entertainment industry executives to re-establish the position and legacy of Death Row Records.
An official press announcement will be made by the company within the next two weeks which will outline the company's structure, its principle players, and executive and creative roster. The forthcoming release will detail the significant assets acquired in the sale and Global's exciting future plans and projects for the Death Row label. |
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| Cool1g |
| wow. to get the rights to all of those albums with no debt??? seems like a great deal to me. |
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| Maka08 |
| I wonder how much un-released Tupac material they have now. |
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| Nerologic |
| quote: | Originally posted by Cool1g
wow. to get the rights to all of those albums with no debt??? seems like a great deal to me. |
Its actually not that simple... |
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| Cool1g |
| quote: | Originally posted by Nerologic
Its actually not that simple... |
"The auction sales price of $24M includes the entire Death Row Records catalog of recordings, artists' agreements, artwork, music videos and publishing rights, all free of past debts and lawsuits."
sounds pretty straightforward to me. |
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| Nerologic |
| quote: | Originally posted by Cool1g
"The auction sales price of $24M includes the entire Death Row Records catalog of recordings, artists' agreements, artwork, music videos and publishing rights, all free of past debts and lawsuits."
sounds pretty straightforward to me. |
Ever heard of tupac?
His mom is gaining control to most of his old recordings.
It went for cheap because its a can of worms :eek: |
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| Cool1g |
| quote: | Originally posted by Nerologic
Ever heard of tupac?
His mom is gaining control to most of his old recordings.
It went for cheap because its a can of worms :eek: |
throw away Tupac i think its still a good deal with that back catalogue. |
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