After filing for bankruptcy in mid-February due to failed legal battles and stalled CD release dates for a few of its premier artists, once well-to-do independent record label TVT has been auctioned off to online digital music marketer The Orchard.
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After filing for bankruptcy in mid-February due to failed legal battles and stalled CD release dates for a few of its premier artists, once well-to-do independent record label TVT has been auctioned off to online digital music marketer The Orchard. Acquiring the label for just more than $6 million, The Orchard will now gain rights to their extensive catalog of artists – including crunk misfit Lil Jon, rap duo Ying Yang Twins and a handful of indie rock outfits such as The Polyphonic Spree – as well as hard copy record distribution rights.
Other record labels owned by the New York-based The Orchard include Barsuk, EMI (Pakistan) Ltd. and Babygrande, among others, and through their association with Dimensional Associates, has ties to digital music retailer eMusic. The company also controls rights to upward of 1.1 million songs which are made available through online retailers such as iTunes and Verizon. Plans as to what The Orchard has in mind for TVT are yet undisclosed, but president Greg Scholl has said the company hopes to release new music through TVT, but has stated they will not sign new artists in the foreseeable future.
TVT Music Enterprises, however, was not considered a part of the deal and will continue on as a separate entity, though details as to whether TVT founder Scott Gottlieb will continue on with the organization under its new management have not been decided. Pending a likely court approval to determine closing specifications and settling of the purchase agreement, the deal is expected to close by July 3.
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