Los Angeles, Feb 10 (IANS): Rap artiste Snoop Dogg has acquired the brand of Death Row Records from MNRK Music Group. Investment firm Blackstone manages the private equity funds which controls the label.

As per Variety, the terms of the transaction have not yet been disclosed. However, a source close to the situation told Variety that the rapper's acquisition of the Death Row brand is only the first part of a transaction and that further developments will see him also acquiring some of the label's music rights - his own and unspecified other artists, a deal which will reach its culmination in the coming weeks.

Snoop Dogg, the new owner of Death Row Records, said in a statement accessed by Variety, "I am thrilled and appreciative of the opportunity to acquire the iconic and culturally significant Death Row Records brand, which has immense untapped future 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. 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. I'm looking forward to building the next chapter of Death Row Records", the statement further read.

David Kestnbaum, a Senior Managing Director at Blackstone, said, "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."

Death Row Records was founded in 1992 by Suge Knight and Dick Griffey and rappers Dr Dre and the D.O.C. in the wake of Dre's departure from N.W.A. The label has a long history which has seen success and controversies in equal measures. Artistes like Dre, Snoop, Tupac Shakur, the D.O.C., Nate Dogg and Warren G, Michel'le have found the place on the record label's roster with path - breaking albums like Dre's 'The Chronic', Snoop's 'Doggystyle' and Tupac's 'All Eyez on Me' in its alley.

However, the label was marred by violence, some of which was instigated by Knight, who has a long record of assault convictions and is currently serving a 28-year voluntary manslaughter sentence.