(AllHipHop News) Seven Arts Entertainment has announced that they have acquired the assets of Michery Music, a production company owned by industry vet David Michery.
In addition to producing a variety of platinum albums, Michery has held numerous executive positions at a number of labels including Scotti Bros.
Records, MCA Records and Zoo/BMG.
Michery is also the founder of Breakaway Entertainment and American Music Corporation.
Under terms of the new deal, David Michery will become the CEO of Seven Arts Entertainment, which will release Undisputed, which was acquired in the deal.
“Dave Michery represents a significant addition to Seven Arts’ business, and we are very excited about the revenue and earnings potential of DMX and
Dave’s other music assets,” Seven Arts Entertainment CEO Peter Hoffman said.
The potential revenues to be derived from the DMX albums are very significant.
The rapper’s first five albums consecutively topped the Billboard 200 Chart and have generated over $35 million per album in the United States, according to SoundScan data.
Seven Arts is also hoping to launch new talent for the label, in the genres of Hip-Hop, R&B, Pop, Dance and Rock.
Both of the DMX albums will be distributed by Fontana Distribution, which is a division of Universal Music Group.