Report: Death Row Records sold for $24M

LOS ANGELES, July 15 (UPI) -- The financially strapped Los Angeles record label where hip-hop icons Snoop Dogg, Tupac Shakur and Dr. Dre became stars has been auctioned off for $24 million.

New York's Global Music Group issued a statement Monday confirming it was the top bidder for the purchase of Death Row Records in a June 24 auction, E! Online reported.

The sale included the label's catalog of hits, as well as any outstanding recording contracts, the entertainment news Web site said.

Death Row filed for bankruptcy in April 2006 after Marion "Suge" Knight failed to pay a $107 million judgment to former partners Lydia and Michael Harris, who had sued the label, claiming they were entitled to most of the company's profits because they provided start-up funds.

A board member for GMG told E! News that Knight was no longer associated with the label he co-founded with Dr. Dre.

E! Online said Knight and his lawyers weren't available for comment.