TVT Records Files For Chapter 11
February 22, 2008 at 3:52 PM (PT)
TVT RECORDS has filed for Chapter 11 Bankruptcy protection. The 23-year old company stated that, as part of the reorganization it has taken substantial cost cutting measures including a large reduction of its staff and the closing of international offices, as reported earlier this week (NET NEWS 2/19).
The company is considering a wide range of future strategic options, including selling its separate distribution platform and possible combination with new digital content companies or other entertainment entities.
TVT will continue to market and promote its current projects and announced that the reorganization is not expected to impede its projects slated for release this SPRING.
Meanwhile, TVT's affiliate music publishing company, TVT MUSIC is unaffected by the filing.
TVT President & Founder STEVE GOTTLIEB said, "The downturn in the music business has affected all of us, independents and majors alike. We all seek to adapt to a new business model. I believe our history of innovative marketing, creative branding and artist discovery are as much in demand today as ever before and that we will emerge from this reorganization a stronger entity."