New York-based record label TVT Records, home to R&B singers Teedra Moses, Keke Wyatt, Lumidee, producer Lil Jon, and a house full of rappers, has been sold to digital music company The Orchard for $6 million.
Recently TVT Records sparked fears of a complete closure after the label layed-off staff and filed for Chapter 11 bankruptcy protection in February (08).
Under the terms of the purchase, The Orchard will take control of TVT's catalogue and artist contracts.
According to Contactmusic, The Orchard bosses have denied claims they are already on the look out to sign new artists, fuelling reports the firm will focus instead on looking after the disgruntled musicians already on the roster. Rapper Pitbull accused TVT bosses of not doing enough to promote his album The Boatlift earlier this year - and urged his fans not to purchase the LP.
The company was founded by Steve Gottlieb, who launched the label out of his New York City apartment in 1985. At its height, TVT was considered one of the top independent record labels in the United States.
The deal is expected to close next month.
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Monday, 30 June 2008
Teedra Moses, Keke Wyatt, and Lil Jon's Record Label Sells for 6 Million
