Hip-hop label Death Row Records, infamous for producing such rap icons as Tupac Shakur, Dr. Dre, and Snoop Dog, just sold at auction Wednesday for $24 million. The transaction was between former label head and all-around shady character Suge Knight and president of Global Music Group Susan Berg.
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Hip-hop label Death Row Records, infamous for producing such rap icons as Tupac Shakur, Dr. Dre, and Snoop Dog, just sold at auction Wednesday for $24 million. The transaction was between former label head and all-around shady character Suge Knight and president of Global Music Group Susan Berg.
Berg got a suge-ary (yeah, I went there) sweet deal, in that her company now holds not only the rights to all of Death Row’s previous recordings, but also 20 unreleased tracks from the late Tupac Shakur. Global Music Group is hopeful that these unheard recordings will not only pay for their new acquisition but also bring in profit.
Knight was forced in court to sell the label, which brought in over $750 million in revenue since its founding in 1991, due to bankruptcy he filed in April 2006. In total, the company accumulated over $141 million in debt. Several factors played into Knight’s inability to pay off the debt, including a 1997 incarceration that slowed the label’s growth and a 2005 lawsuit that forced the mogul to award former partner Lydia Harris $107 million in unpaid profits.
Others who were interested in the auction were Afeni Shakur (Tupac’s mother), Warner Music Group, and Dr. Dre.
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