Death Row Records, the ancient and once venerable record label that brought 2Pac, Snoop and Dr. Dre to fame has finally been sold. 4080 Records has previously reported on this situation, and the failure to get a deal.
Marion “Suge” Knight has been a huge hinderance in this whole process. His recent criminal activity has definitely not helped the selling price. At the first auction (which had fallen apart afterwards), Death Row and the back catalogue was sold for $24 Million Dollars.
Now, a Canadian company based in Toronto has bought it for significantly cheaper. WIDEawake Entertainment Group bid $18 million (U.S.). The head of WIDEawake gave a solid quote: “Whenever it’s due, that bill will get paid. This was not an emotional decision. This was a business decision. You can’t go into a deal like this without having a plan.”
On my end it seemed purely sentimental, but I have high hopes. Personally, I think it’s an excellent move. There is still some money to be made in legacy sales from the back catalogue that includes some of the greatest hip hop albums of all time. If WIDEawake starts getting their act together with digital sales and re-issues, perhaps even try to get some new talent promoted under the Death Row name, they may easily recoup this.
[Source: Toronto Star]