The Orchard Buys TVT Records Out of Bankruptcy
Monday, June 23, 2008; 3:07 AM
The Orchard ( NSDQ: ORCD), the digital music label, has bought out TVT Records after a New York bankruptcy court declared its bid the winner on Thursday. The company will gain control of TVT's catalog, artist contracts and physical record distribution infrastructure, but will not receive holdings in its music publishing subsidiary. More details in release.
Billboard: Although terms of the deal were not disclosed, sources say that the Orchard will pay $6.05 million...TVT filed for Chapter 11 protection on Feb. 19 and the bankruptcy court moved quickly into the auction process.
Variety: TVT Records was created in 1985 and initially released compilations of television themes and commercials. It evolved into becoming a significant independent label by signing Nine Inch Nails, Ja Rule, Lil Jon, Ying Yang Twins and the Polyphonic Spree.