New York-based Global Music Group purchased Death Row Records, which once was home to artists such as Dr. Dre, Tupac Shakur and Snoop Dogg, at auction for $24 million June 24.
The deal, which includes Death Row’s back catalog and current artist contracts, puts an end to the public legal squabble over hip-hop’s most famous label formerly owned by Marion "Suge" Knight.
Death Row was placed into receivership in 2006 after Knight’s former associate Lydia Harris and her imprisoned former husband Michael Harris were awarded $107 million in a lawsuit that claimed they helped start the label. Knight filed for Chapter 11 bankruptcy protection shortly after, claiming debts of more than $100 million.
Global Music Group CEO Anthony Davi Jr. said the company plans to get "the best economic results of the catalog and provide long-term stewardship of the artists’ work."
The independent label takes ownership of albums including Snoop Dogg’s Doggystyle, Dr. Dre’s The Chronic and Shakur’s All Eyez on Me.
Other assets are rumored to include unreleased material by Shakur, which could end up as another posthumous release from the late rapper.