A bankruptcy court judge ruled that Knight was to auction off Death Row Records and its assets, and the label was sold yesterday for $24 million to the president of Global Music Group, Susan Berg. She is now the owner of all recordings made by Snoop Dogg, Tha Dogg Pound, Dr. Dre and the late Tupac Shakur, which includes twenty songs that will be added to his collection of posthumously released tracks.
As VIBE.com previously reported, Knight had failed to appear at a court-ordered hearing in April of 2006, which led to the seizing of his label and assets.
On April 24, 2006, Knight filed for Chapter 11 bankruptcy. Death Row Records was in debt that accumulated to upwards of $137 million and $4.4 million in assets.
Both Koch Records and Warner Music Group had shown a genuine interest in buying the label. WMG was the highest bidder at $25 million on February 1, 2008.
Death Row Records is one of the most controversial and successful record labels in hip hop history. The infamous label has sold close to 50 million units worldwide and generated close to $750 million in revenue in its prime.
Last month, Knight was involved in a scuffle with a man named Greg “The Barber” at a nightclub in Hollywood, which was allegedly over financial issues.
June 26, 2008 @ 2:05 pm
Suge Knight Sells Death Row for $24 Million
Legendary rap label sold to Global Music Group
Article tags: 2Pac, Dr. Dre, Kurupt, Snoop Dogg, Suge Knight
Page printed from:
http://www.vibe.com/news/news_headlines/2008/06/suge_knight_sells_death_row_for_twentyfour_million/
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