TMZ.com
Quality Control co-founder Pierre “Pee” Thomas‘ decision to sell his label to Scooter Braun‘s HYBE platform for a reported $300 million was a great move, according to no less an authority on the biz than Russell Simmons.
Pee was criticized for building up a Black-owned company only to sell it to white America — he promptly defended the move on social media — but Russell says all those haters need to educate themselves before they speak.
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We conversed with Rush Friday in WeHo, and he thinks the sale will open new opportunities for Pee, and his partner Kevin “Coach K” Lee, to invest further in their community … because they’ll be able to liquidate assets.
Rush says the music industry is a volatile place — he referenced the downfall of Young Thug and 300 Entertainment as examples, in addition to his own history.
In 1999, Rush sold off Def Jam Records, the label he co-founded for an estimated $120 million, and was able to branch off into fashion, film, financial service and jewelry!!!
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Def Jam is still going strong today and Rush says QC will flourish all the same under Scooter Braun’s watch. He also doesn’t think race played a role in the sale.
He notes even Scooter sold his company, Ithaca Holdings, to the one he operates now — which is Korean-owned. Russell reminded us that’s just how biz works in America.