TVT Files For Bankrupcy
Fri, 22 Feb 2008 10:31:51
Mounting legal troubles have forced TVT Records to file for Chapter 11 bankruptcy. That said, founder Steve Gottlieb has told Billboard.com "this is not the end of TVT." And he could be right, as a source close to the label claims a video was recently shot for a new Pitbull single called "Anthem." Ying Yang Twins just released a new track ("Drop") on iTunes, too.
Gottlieb founded TVT in his New York City apartment in 1985. It quickly took hold of the industrial market with key records from Nine Inch Nails and KMFDM, but eventually shifted towards hip-hop with such artists as Lil Jon, the Eastsidaz, and the aforementioned Ying Yang Twins. Which is where the labels problems started, really, including fights with Island Def Jam over the rights to records from Ja Rule (IDJ blocked its release, but TVT won $132 million in damages—an amount greatly reduced upon appeal) and Pitbull (Slip-n-Slide won this battle, forcing TVT to pay more than $9 million in damages). The latter also lashed out at TVT in an interview with the Los Angeles radio station KPWR, saying he "worked like a slave" to promote The Boatlift, while TVT barely tried to push it at all.
The fate of one key TVT LP, Lil Jon's repeatedly-delayed Crunk Rock, is still up in the air.
—The ARTISTdirect Staff