TVT to file for bankruptcy
EmptyNEW YORK -- TVT Records, once hailed by Billboard as the top independent label and home to artists such as Lil Jon, Pitbull and Ying Yang Twins, is expected to file for Chapter 11 bankruptcy this week.
Founded in New York in 1985 by Steve Gottlieb, TVT rose to notoriety after releasing music by Nine Inch Nails and KMDFM. In recent years, the label has focused on hip-hop, scoring a series of hits. But TVT has also been embroiled in legal battles, including a suit against Island Def Jam over a Ja Rule compilation that IDJ prevented TVT from releasing in 2003. The initial ruling awarded TVT $132 million in damages, but the figure was reduced to zero on appeal.
TVT also battled Miami label Slip-n-Slide over rights to an early Pitbull album, eventually losing a multimillion-dollar judgment. 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.