TVT Records to File for Bankruptcy?
After more than 20 years in the business, premier independent label TVT Records will reportedly file for Chapter 11 bankruptcy protection later this week. According to Billboard.com, the development has been confirmed by sources close to the situation. TVT, home to Lil Jon, Pitbull and the Ying Yang Twins, was originally launched by Steve Gottlieb in 1985 in New York City.
After a string of successful releases in other genres, the label soon shifted its focus towards independent Hip-Hop artists. Although the label is one of the most highly regarded indie labels in the country, several artists have publicly criticized their business practices. Lil Jon was especially vocal about a financial dispute with the company, although the two parties eventually reconciled. In 2007, the label lost a legal battle with Miami based Slip-N-Slide Records over the rights to a Pitbull album and was ordered to pay $9.1 million in punitive and compensatory damages. Pitbull himself also slammed the label over what he felt was a lack of promotion for his LP The Boatlift. While several employees have reportedly been layed off at TVT Records, it is believed that the music publishing division will continue to operate.