Global Music Group Inc. bought a bankrupt Death Row Records, at auction, for $24 million dollars, June 24, 2008 sources have revealed. The notorious record label and its’ embattled founder, Suge Knight, struggled for years to maintain a legitimate presence in the Hip Hop world, only to see his once revered empire crumble from ruthless business tactics, strong-arm management, a luke-warm roster of talent and a leader constantly fighting personal legal issues. As late as 2006, Suge Knight filed for protection under bankruptcy laws, claiming Death Row’s debts exceeded the $100 million mark.
Death Row Records, once the enviable home of such Hip Hop artist as Dr. Dre, Snoop Dogg, Da Dogg Pound and Tupac, lost its’ talent, but didn’t lose the prize: the music catalog. Any songwriter worth his/her salt knows that the true gold, the real money, comes from that catalog. Owning those rights to your creative works.
Well, Dr. Dre once said that he was happy to break away from Suge and his ‘organization’ with the shirt on his back. To be honest, Dre was more than fortunate to walk away period, Tupac wasn’t that blessed.
But the last time I checked, Dr. Dre’s debut ground-breaking musical collection, “The Chronic,” has sold over 4 million copies since 1993. Snoop Dogg’s “Doggy Style” has sold 7 million units as of 2003 and is rated 4X platinum. And Tupac’s “All Eyez On Me,” the first Hip Hop double album in history, currently has sold more than 9 million copies! Death Row has sold over 50 million units world wide and has racked in a staggering $750 million dollars in revenue.
Need I also say that the late Tupac Shakur still has tons of unreleased material in the Death Row vaults?
Let’s just be frank. Global Music Group Inc. is sitting on a Gold Mine. And as an added bonus, they got a prolific music catalog worth multi-millions on a blue-light special deal! So, trust me, investors who are now suing Global Music Group for $25 million are not even poised to make a dent in that mega-million wallet.
Sorry, Dr. Dre. Would you like that Tangeray on ice?