Post-purchase, Orchard TVT Record takeover begins

The Orchard has acquired ownership of most of the assets of TVT Records, following its successful bid to purchase the company made before the New York Bankruptcy Court in June.
The Orchard takes ownership of most assets, including TVT’s catalogue of recorded masters, artist contracts and a New York office lease. As previously announced, the transaction excludes holdings in TVT’s music publishing subsidiary.
A second closing is scheduled to take place on or before July 11, 2008. This closing will address remaining assets contested in TVT’s bankruptcy proceedings and determine which of the assets The Orchard will acquire, or will otherwise remain as assets of TVT Records’ debtors.
The Orchard distributes more than 1.1 million songs and over 3,000 hours of video through hundreds of digital stores (iTunes, eMusic, Google, Netflix, etc.) and mobile carriers (Verizon, Vodafone, Bell Canada, Moderati, 3).
Founded by Steve Gottlieb in 1985, TVT Records is a leading independent label that has introduced the world to acts including Nine Inch Nails, Ja Rule and Lil Jon and has earned over 25 Gold, platinum and multi-platinum records. Billboard Magazine recognized TVT as the number one independent record label for five consecutive years (2001 – 2006). The label’s current roster includes Lil Jon, Ying Yang Twins, Pitbull, Default, Ambulance LTD, Yo Gotti, Keke Wyatt, The Polyphonic Spree, The Cinematics, The Holloways, Bobaflex, New Year’s Day and more.
Although terms of the deal were not disclosed Billboard once pegged it as worth $6.05 million.

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