The charge relates to an incident in January 2015 in Compton, a suburb of Los Angeles.
Knight and Cle "Bone" Sloan, a consultant on the N.W.A biopic "Straight Outta Compton", were involved in the fistfight which ended up with Knight clipping Mr Sloan with his pickup track.
One of the victims, 55-year-old Terry Carter, later died of his injuries.
Had Knight been convicted of murder and attempted murder as originally charged, he would have faced a mandatory sentence of 25 years to life in prison. As part of the plea agreement the murder charges will be dismissed by prosecutors, along with other charges against Knight of robbery and making criminal threats.
Knight's attorneys had argued he was fleeing armed attackers.
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Knight's sentence includes 22 years for voluntary manslaughter and six years because this was his third felony. Knight fled the scene.
The vehicle is then seen zooming forward, back into camera range, running over Sloan a second time, and then running over a second man, Carter, a former rap music label owner. Knight lost control of the company after it was forced into bankruptcy.
TMZ reports Knight plead no contest to a charge of voluntary manslaughter, for which he will serve a total of 28 years. He will be formally sentenced on October 4th.
Suge Knight was facing life in prison if convicted for the murder, but after having some time to think about the mountain of legal troubles he found himself in, he made a decision to give up fighting.
Months later, rap artist Christopher Wallace, known as Notorious B.I.G. and signed to a rival record label, was shot to death in Los Angeles.