Death Row Records Sale Transaction Halted
Death Row's new owners failed to get the money together in time, putting the label back on the block.
After a reported $24 million sale in late June [click to read], and old employees willing to submit new work [click to read], it seems that Global Music Group is no longer the new owner of Death Row Records.
A lawsuit has been filed by Death Row Records co-founder and long-acting CEO Suge Knight that alleges that the transaction requirements by the agreed upon deadline of July 23, nor the agreed upon extension of July 29.
It's been reported by AllHipHop.com that the second highest bidder, Entertainment One, is no longer interested in the asset, after said developments. The party was approached after further extension requests by Global Music Group were denied by Death Row trustees.
Death Row's catalog and brand includes nearly a dozen gold and platinum albums, including releases by Dr. Dre, Snoop Dogg, 2Pac, as well as numerous chart-topping compilations and soundtracks.
Between 1992 and 1997, the label was the top-selling independent music imprint.
HipHopDX will keep you posted of updates.