The Orchard Picks Up TVT Records
June 20, 2008 at 11:24 AM (PT)
Digital music and entertainment firm THE ORCHARD was selected as the winning bidder in a bankruptcy auction held yesterday in NEW YORK CITY to purchase TVT RECORDS. Under the terms of its bid, THE ORCHARD would assume control of TVT's catalogue of recorded masters, artist contracts and physical record distribution infrastructure, among other assets, but excluding its holdings in its music publishing subsidiary.
The acquisition is expected to close on or before JULY 3rd, 2008, although there can be no assurances that the transaction will close as it is subject to court approval, customary closing conditions and finalization of the purchase agreement between the parties.
"TVT has been a pioneering independent label that has operated since its inception proudly outside of the traditional music industry, and that pioneering spirit is a great fit with THE ORCHARD's mission and mandate,"THE ORCHARD Pres./CEO GREG SCHOLL said. "Along with a great catalogue of chart-topping music, TVT has a formidable artist roster, with major hip-hop talents and a phenomenal pipeline of developing artists. 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."
"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 Pres. STEVE GOTTLIEB said. "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."