MediaTechnics to buy Death Row
CD dupe company to assist Global Music
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MediaTechnics, a CD duplication company, has signed a letter of intent to purchase the company that recently was awarded the assets of Death Row Records.
MediaTechnics will be showing proof of funds "in the near future" to fulfill the agreement of Global Music Group-New York to purchase Death Row for $24 million, according to MediaTechnics prexy Richard Wilson.
In June, the U.S. Bankruptcy Court for the Central District of California approved the sale of the assets. By late July, Global Music Group -- New York had not come up with the financing for the deal, which led Suge Knight's estate and the trustees of Death Row Records to reconsider the sale.
Global Music will become a wholly owned subsidiary of MediaTechnics, which owns no content-providing companies. MediaTechnics subsids include the Live Network, which provides instant concert recordings, and CRD Technologies, a private-label beverage business.
Wilson and his company were brought in as consultants about a month ago by Global Music to work on distribution and fulfillment plans. Death Row has no employees and no distributors.
Among the bidders was Global Music Group-Delaware, and two weeks ago, Global Delaware and Global New York settled a lawsuit by agreeing to share in revenues from the catalog.
Founded in 1991 by Marion "Suge" Knight and Dr. Dre, Death Row Records was at the forefront of gangsta rap. The assets include a significant amount of previously unreleased material by the late Tupac Shakur.
Knight and Death Row filed for bankruptcy in April 2006, listing $137 million in debt and $4.4 million in assets.
