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Colossus Records was founded by promoter and label owner Jerry Ross in 1969 while still running the MGM-distributed Heritage Records, home of Bill Deal & the Rondells. He discovered the Dutch bands Shocking Blue, the Tee Set and the George Baker Selection while on a trip to Europe and signed them all to his new label. After all three had monster hits in the US, Ross sold the label to MGM Records.
The label was in operation for only three years (1969-71).