Distributor to assume control of catalog
Digital music distributor the Orchard will purchase TVT Records after a New York bankruptcy court declared its bid the winner on Thursday.The Orchard will assume control of TVT’s catalog, artist contracts and physical record distribution infrastructure, among other assets. It will not receive holdings in its music publishing subsidiary. The acquisition is expected to close on or before July 3. Court approval, customary closing conditions and finalization of the purchase agreement between the parties could delay the purchase. TVT Records was created in 1985 and initially released compilations of television themes and commercials. It evolved into becoming a significant independent label by signing Nine Inch Nails, Ja Rule, Lil Jon, Ying Yang Twins and the Polyphonic Spree. Orchard president and CEO Greg Scholl said the purchase “is a great fit with the Orchard’s mission and mandate” due to its roster of hip-hop talents and developing artists. TVT Records president Steve Gottlieb will be focusing on growing the publishing arm, TVT Music. TVT declared bankruptcy in February. The Orchard distributes more than 1.1 million songs and more than 3,000 hours of video programming through digital stores such as iTunes, eMusic and Netflix and mobile carriers (Verizon, Vodafone, Bell Canada, Moderate, 3).
Follow @Variety on Twitter for breaking news, reviews and more