Hip-hop mogul Snoop Dogg has acquired Death Row Records, the label under which the rapper had made his debut back in the year 1992.
According to The Hollywood Reporter, Death Row Records was bought from MNRK Music Group, a firm that is controlled by private equity funds managed by Blackstone. The terms of the deal were not disclosed.
Founded in 1992 by Dr. Dre, Suge Knight, the D.O.C. and Dick Griffey, Death Row was among the music industry's highest-profile labels for a stretch that decade, responsible for culture-shifting releases from Dre, Snoop and Tupac Shakur, among others.
However, controversy arrived amid a wave of lawsuits and criminal activity, some of which involved co-founder Knight, who remains behind bars.
The label ultimately filed for bankruptcy in 2006 and was acquired at auction three years later for USD 18 million by WIDEawake Entertainment. It changed hands a bit over the years, ultimately landing at Blackstone and MNRK. In a statement, Snoop, said the brand has "immense" untapped value.
"It feels good to have ownership of the label I was part of at the beginning of my career and as one of the founding members. This is an extremely meaningful moment for me," explained Snoop, who went on to sign with No Limit Records, Interscope, Capitol, Geffen, Priority Records and Def Jam.
"I would like to personally thank the teams at Blackstone, MNRK and especially David Kestnbaum, who worked collaboratively with me over several months to make this exciting homecoming a reality."
Blackstone's Kestnbaum, a senior managing director, returned the favor by praising Snoop as a legend. "We at Blackstone are strong supporters of the artist and creator community in our entertainment investments. We are excited to put the Death Row Records brand back in the hands of a legend like Snoop Dogg. We wish him success in the years ahead as the brand moves forward under his leadership and vision."
MNRK Music Group's president and CEO Chris Taylor praised Snoop as the executive with long-term ambitions to "take Death Row into its next 30 years." The deal comes at a busy time for the artist formerly known as Snoop Doggy Dogg. He will perform alongside Dre, Eminem, Kendrick Lamar and Mary J. Blige as part of the Pepsi Super Bowl Halftime Show from SoFi Stadium on February 13.
As per The Hollywood Reporter, the deal, announced on Wednesday, comes in conjunction with the release of a new album, 'B.O.D.R.,' short for 'Back on Death Row,' and a wave of NFT offerings.
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