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Death Row Records Sold To Highest Bidder
The majority of Death Row Records’ publishing and recorded music assets became the property of the Global Music Group on Tuesday (June 24).
Global Music Group acquired Suge Knight's former empire for $25 million during an estate auction, which took place in Los Angeles.
With the traditional 10-day waiting period waived, the Tennessee based-indie took immediate ownership of the label’s entire catalogue, including 20 unreleased records by the late Tupac Shakur.
The sale took place despite Marion “Suge” Knight’s reported efforts challenge federal bankruptcy Judge Vincent Zurzolo’s order to liquidate Death Row's assets to alleviate the debt that forced both the label and Knight into bankruptcy in 2006.
With its new acquisition, GMG, headed by president Susan Berg, is making its first foray into the world of urban music, adding the genre defining music of Snoop Dogg Dr. Dre and Tupac to it’s current roster of two country singers, a studio musician and an alternative band.
If all terms of the sale were left untouched, GMG now owns all of Death Row’s masters, videos, compositions and recording, as well as all digital recording rights, merchandising rights licenses, and publishing agreements.
Excluded from the exchange are cash and bank accounts, real estate, and personal property held by Suge Knight and Death Row Records.
In addition, the label gets to retain any outstanding accounts receivable payments and prorated publishing income that may still be due.
GMG is also released from all standing distribution deals for the music, including one with Koch Records, which had become one of Death Row’s primary distributors.
Source: allhiphop.com
Global Music Group acquired Suge Knight's former empire for $25 million during an estate auction, which took place in Los Angeles.
With the traditional 10-day waiting period waived, the Tennessee based-indie took immediate ownership of the label’s entire catalogue, including 20 unreleased records by the late Tupac Shakur.
The sale took place despite Marion “Suge” Knight’s reported efforts challenge federal bankruptcy Judge Vincent Zurzolo’s order to liquidate Death Row's assets to alleviate the debt that forced both the label and Knight into bankruptcy in 2006.
With its new acquisition, GMG, headed by president Susan Berg, is making its first foray into the world of urban music, adding the genre defining music of Snoop Dogg Dr. Dre and Tupac to it’s current roster of two country singers, a studio musician and an alternative band.
If all terms of the sale were left untouched, GMG now owns all of Death Row’s masters, videos, compositions and recording, as well as all digital recording rights, merchandising rights licenses, and publishing agreements.
Excluded from the exchange are cash and bank accounts, real estate, and personal property held by Suge Knight and Death Row Records.
In addition, the label gets to retain any outstanding accounts receivable payments and prorated publishing income that may still be due.
GMG is also released from all standing distribution deals for the music, including one with Koch Records, which had become one of Death Row’s primary distributors.
Source: allhiphop.com