Digital music company The Orchard has brought bankrupt TVT Records.
The TVT roster includes Default, Ying Yang Twins, Lil Jon and the Polyphonic Spree.The Orchard launched its acquisition through the New York Bankruptcy Court for approval on June 26.
The company has now taken over TVT’s catalogue of recorded masters, artist contracts and a lease on TVT’s New York office.
A second phase of the acquisition will take place before Friday with the remaining assets being assigned to The Orchard, based on the company’s determination for those assets.
TVT was founded by Steve Gottleib in 1985 and introduced Nine Inch Nails, Ja Rule and Lil Jon.
The company has developed 25 albums that have gone gold or platinum. It was named Independent label of the year for 5 years running from 2001-2006.
TVT’s publishing company has works by Usher, 50 Cent, Pink, Justin Timberlake and Christina Aguilera.
Nasdaq listed The Orchard has distributes more than 1 million songs.
Despite the acquisition, the share price for The Orchard traded down by more than 10% yesterday. It closed at $5.71 but has an asking price of $6.95 for tomorrow.
