New York (June 23, 2008)--Digital music company The Orchard, has won the bankruptcy auction for TVT Records. The company will assume control of the indie label’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.
Commenting on the purchase, The Orchard's president and chief executive officer Greg Scholl said, "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. 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."
TVT Records president Steve Gottlieb said, "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. 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."