Tuesday, February 19, 2008

TVT RECORDS TO FILE BANKRUPTCY


TVT Records, once hailed as Billboard's top independent label and home to artists such as Lil Jon, Pitbull and Ying Yang Twins, will file for Chapter 11 bankruptcy this week, company head Steve Gottlieb tells Billboard.com. "This is not the end of TVT," he insists.

Founded in New York in 1985, TVT rose to notoriety after releasing music by Nine Inch Nails and KMFDM. In recent years, the label has focused on hip-hop, scoring a series of hits with the aforementioned artists.

But TVT has also been embroiled in legal battles, including a suit against Island Def Jam over a Ja Rule album that IDJ prevented TVT from releasing in 2003. The initial ruling awarded TVT $132 million in damages, but the figure was substantially reduced on appeal.

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