News: Death Row Records Sold For $18 Million
Friday, Jan 16, 2009 9:07AM
Death Row Records has been purchased by Canadian company WIDEawake Entertainment Group for $18 million in California.
The label was auctioned off yesterday (January 15).
Unreleased master recordings once owned by the defunct rap label Death Row Records were auctioned Thursday for $18 million in U.S. Bankruptcy Court in Los Angeles and remaining assets will be auctioned Jan. 25, an attorney said. (Fox News)
WIDEawake secured the purchase with a winning bid of $18 million.
The group, which was formed in 2006, will take on Death Row's enviable catalog of gangster rap, including Dr. Dre's The Chronic, Snoop Dogg's Doggystyle and Tupac Shakur's All Eyez on Me." The young company, which is treating 2009 as a major year for acquisitions, is also eyeing several other catalogs, Chief Executive Lara Lavi said. "We've been very carefully building our bridges, and this is a strategic move for us as part of a 10-year plan," Lavi said. "We kind of expected Warner to be a little more pricey, but the economic climate right now for everyone is very challenging." (Los Angeles Times)
Death Row Records was also put up for auction last summer to no avail.
Global Music had agreed to buy the label last summer, but infighting among investors led a splinter group using a similar name to contend that it was the winning bidder. Neither group was able to secure the $25 million needed to seal the deal. Death Row initially filed for Chapter 11 protection in April 2006. That July, the California judge overseeing the filing ordered a bankruptcy trustee to take over the label. In 2007, it appeared the label would go to Warner Music Group and then to Koch, but both labels pulled out. (Variety)
Over 400 additional Death Row items will be open to the public at next week's auction.
Items being auctioned include the actual Death Row Records electric chair, Suge Knight's cigars and engraved humidor, Snoop Dogg and Dr. Dre's "Source Awards," paintings, framed pictures, Tupac Shakur memorabilia, framed gold and platinum records, Louis Vuitton, Gucci and Versace items, fitness equipment and more. (Death Row Auction)