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SAPX - Seven Arts To Buy Michery Music Assets

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Seven Arts Entertainment Inc. (SAPX) said Tuesday that it has executed a definitive agreement with David Michery to acquire his music assets.

The terms of the deal were not disclosed.

Michery is a music industry veteran with an extensive track record of accomplishments. The acquired Michery assets are comprised of recording agreements with several artists, including two completed albums with multi-platinum artist DMX.

Seven Arts also said that "Undisputed," the first of those two completed DMX albums, is scheduled to be released in the United States in the second quarter of 2012 through Fontana Distribution, a division of Universal Music Group.

DMX's last four albums, which were released between seven and twelve years ago, earned gross revenues averaging more than $35 million per album in the United States, according to SoundScan. DMX is the only artist in the history of The Billboard 200 to reach No. 1 with his first five albums. DMX's last solo album, "The Great Depression," topped the chart with debut week sales of 440,000 copies. Earlier albums, "...And Then There Was X" and "Flesh of My Flesh, Blood of My Blood," both sold more than 600,000 units in their opening weeks.

After the acquisition is completed, David Michery will be appointed Chief Executive Officer of Seven Arts Music, which is the company's new music division.

http://www.nasdaq.com/article/seven-arts-to-buy-michery-music-assets-20120124-01016