TVT Records Files For Bankruptcy
Posted by Mitch Michaels on 02.20.2008
What will happen to Lil Jon, Ying Yang Twins, Pitbull and the other artists?
TVT Records, a top independent label and home to artists such as Lil Jon, Pitbull and Ying Yang Twins, will file for Chapter 11 bankruptcy this week, according to company head Steve Gottlieb. "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. TVT also battled Miami label Slip-n-Slide over rights to a Pitbull album, eventually losing and being ordered to pay compensatory damages of almost $2.3 million and punitive damages of over $6.8 million.
Just a few weeks ago, Pitbull lashed out at TVT in an interview with Los Angeles radio station KPWR, claiming it didn't properly promote his new album, The Boatlift." "I'm out here working like a slave, doing things that other artists don't even know how to do. A label's there to further and promote your career, but it feels like they just keep holding me back," said Pitbull, who asked his fans not to buy the album.
There is no word on a possible release date for Lil Jon's new album, Crunk Rock, which has been delayed numerous times, or forthcoming releases from any of the label's acts. Some acts might be snapped up by new labels.
