Author Topic: Tommy Boy Records....to close! (Read 74 times)

Crenshaw_blvd · « **on:** February 11, 2002, 08:59:29 AM »

Tommy Boy Records will close its doors after being a major independent-label player, particularly in the rap music genre, for more than 20 years. The label--currently home to De La Soul, Everlast, Coo Coo Cal, Amber, TKA, Joydrop, and Tony Touch, among others--will reportedly dissolve into AOL Time Warner's Warner Music Group, which presently owns a 50 percent stake in Tommy Boy, reports New York's Daily News.

Tom Silverman, who founded the Tommy Boy in 1981 with a $5,000 loan from his parents, is said to be selling his remaining 50 percent stake in the label to AOL Time Warner for less than $10 million. At one point in time, such a small buyout would have been preposterous: The label made millions in the late '80s and early '90s with a roster that included multiplatinum acts such as Coolio and Naughty By Nature, as well as solid performers such as Queen Latifah, and Afrika Bambaataa. Tommy Boy also had distribution relationships in the '90s with smaller indies such as Penalty Records (Capone-N-Noreaga) and Stepsun Music (Miss Jones).

Silverman will reportedly turn his focus to dance music while retaining the Tommy Boy name and a few artists, while AOL Time Warner will control the Tommy Boy catalog and select which of the current Tommy Boy artists will join the Warner Music Group roster.

Last year, Tommy Boy Records celebrated its 20th anniversary by rereleasing classic material from Stetsasonic, Afrika Bambaataa & the Soul Sonic Force, and hip-hop's first R&B outfit, the Force MD's.

Jome · « **Reply #1 on:** February 11, 2002, 09:11:02 AM »

Tommy Boy Still Alive
Monday - February 11, 2002
Nomatazele

Tommy Boy Records have got in contact with HipHopDx.com to set the record straight and let it be known that the recent rumors of Tommy Boy going under is greatly embellished. Tommy Boy is without a doubt ending their 15 year relationship with distributor, AOL Time Warner, but as announced right here a few weeks back, the label is still alive and kicking and will become an independent label. Tommy Boy claims there will be NO interruption in business and are at this time working on a number of projects for 2002.

It?s good news, that the label is still continuing to do their thing, so everyone forget the rumors, we will be seeing new albums from De La Soul, Prince Paul and Tony Touch in the near future.