The Warner Giant Gobbles Again

The Warner Music Group is currently planning to buy the remaining 50% of Tommy Boy Records and take control of the majority of its artists and music catalog. The label is the home to artists such as De La Soul, Broadcast, Sneaker Pimps, and Silent Uproar favorite Rustic Overtones. It has been reported that all 80 Tommy Boy employees will lose their jobs and founder Tom Silverman will only keep a handful of artists as well as the rights to the Tommy Boy name. Silverman is expected to get only $10 million for the remainder of the label, it was once worth more than $100 million. The takeover comes after Tommy Boy failed to find a financial backer for 2002.