On June 19, global music distributor The Orchard won the bidding battle to purchase bankrupt music label TVT Records.
TVT went bankrupt earlier this year [click to read] and faced a number of financial
obstacles including a lawsuit against Island Def Jam and a battle with
Slip-n-Slide Records for rights to one of Pitbull‘s albums which led to
TVT dishing out close to $10 million.
As part of the purchase The Orchard will gain control of TVT‘s
catalogue of recorded masters, artist contracts and physical record
distribution infrastructure.
“After 23 years and 25 plus gold
and platinum releases, I am delighted to see TVT‘s catalogue and roster
move to a company so deeply engaged in developing the digital future of
the music business,” TVT Records President Steve Gottlieb said in a
statement. “My energies will now focus on the continued growth of TVT
Music as a premier music publisher, as well as following on with my
consulting and co-investing with VC’s in early stage internet ventures.“
TVT Records is home to many artists including Lil Jon, Ying Yang Twins, Pitbull, and Yo Gotti.
“We
look forward to working with these artists, and where it makes sense,
in conjunction with other Orchard clients and partners, to support
their artistic vision and maximize their commercial potential,” The
Orchard‘s president and CEO Greg Scholl said in a
statement.
Reported by Danielle Harling.