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June 20, 2008

The Orchard picks up TVT pieces...

New York Post | Read Full Story >

Bankrupt independent label TVT Records, home to rappers Pitbull and Lil Jon, has entered into an agreement to sell its recorded music arm and other assets to The Orchard, a New York-based distributor of digital music.

Financial terms of the deal were not available at press time.

The companies are aiming to close the proposed pact on July 3, pending court approval.

As part of its winning bid, The Orchard will acquire the TVT catalog, its artists contacts and TVT‘s physical distribution business. The Orchard is a unit of Dimensional Associates, which also owns digital music retailer eMusic.

TVT‘s music publishing arm, TVT Music Enterprises, home to hip-hop producer Scott Storch and others, is not part of the deal. It will operate as a standalone entity following the sale.

No decisions have been made yet regarding whether TVT founder Steve Gottlieb will have any involvement with The Orchard or the TVT catalog after the deal.



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