Canadian Firm Submits Winning Bid For Rap Music Label Death Row
There were rumours that 50 Cent was looking to scoop this and it would have been very interesting to see what he would have done with it. Maybe gift it to Dr. Dre? I am surprised that Dre did not want it or Snoop? I am very curious as to why some of the founders and founding talent was not involved..
From LA TIMES:
After several tumultuous years of failed bids and aborted takeovers, notorious rap music label Death Row was plucked off the auction block once more, this time by a Canadian entertainment company that offered $18 million.
Toronto-based WIDEawake Entertainment Group submitted the winning bid to U.S. Bankruptcy Court in Los Angeles against competitors Warner Music Group and Conquest Media Group. It's a song compared with the $25 million that heavyweights Warner and Koch Records had offered in prior cycles of the Death Row saga. Some creditors emerged from the auction disgruntled, saying that the low price meant they would receive little or none of the money they were owed by Death Row, which filed for Chapter 11 bankruptcy protection in 2006. The label was originally owned by music mogul Marion "Suge" Knight.
"This was a charade," said businessman Mark Friedman, who said he was owed $1 million for investing in a Death Row project. "The trustees didn't seem to pursue any real bidders and completely mismanaged Suge Knight's estate. It's like whatever's left on the body, they're taking their last pickings."
WIDEawake, which was formed in 2006, will take on Death Row's enviable catalog of gangster rap, including albums from rap stars such as Dr. Dre, Tupac Shakur and Snoop Dogg. The young company, which is treating 2009 as a major year for acquisitions, is also eyeing several other catalogs, Chief Executive Lara Lavi said.
Terrible turn of events for Death Row. HERE is a link to the public auction (deathrowauction.com) of the remainder of assets including framed records, photos, Suge Knights cigars, CDs, their Source Awards(!) and clothing among other items. The auction begins 11am. Its the end of an era but hopefully the catalog will be respected and be available for generations to come.