Russell Simmons Praises QC Label Sale, Scooter Braun
Russell Simmons QC Will Thrive Under Scooter!!! It's About Green, Not Black and White
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.
Waiting for your permission to load the Instagram Media.
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!!!
Waiting for your permission to load the Instagram Media.
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.
