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MEDIATECHNICS TO RESCUE DEATH ROW: Company to purchase business that pulled out of agreement to purchase label.
*Variety is reporting that MediaTechnics, a CD duplication company, has signed a letter of intent to purchase a company that was recently awarded the assets of Death Row Records.
As previously reported, the label was thrust back onto the market last week when Global Music Group-New York pulled out of its agreement to purchase Death Row for $24 million.
The U.S. Bankruptcy Court for the Central District of California approved the sale to Global Music Group (GMG) in June. By late July, GMG 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 subsidiaries include the Live Network, which provides instant concert recordings, and CRD Technologies, a private-label beverage business.
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