Earlier today, I completely and totally missed the jump on a super personal piece that I would have written immediately had I not been knee deep in work. I got the press release regarding this acquisition shortly after the announcement directly from The Orchard and only just saw it now after an extended nap (note: Righteous Urban Barbecue/RUB in Chelsea gave me a tummy ache!).
Why do I care?
I worked there. I was there for the Chapter 11 filing documented best at The Daily Swarm [link] and if you read the list of the casualties, I was the Shawn to which they referred. I had three conversations with the company’s “president” Steve Gottlieb in my year there, and the last one was where he laid me off. No hard feelings, I was only there for a crapload of poor releases (excluding The Polyphonic Spree and The Cinematics records, which were great) but no one with the ability to make changes would have listened once they had invested cash into those projects. They missed the boat on several artists, but the timing was always just plain “off”. Too much red tape, which is odd, because there weren’t many people there to begin with.
Since that time, I’ve been forwarded a ton of emails about Steve listing a 30 million dollar condo or the injunctions that artists have filed against the label to block the sale (they claim they were owed money, the label’s audit saw otherwise). It stung a bit because I had a lot of fun there and met a ton of awesome people.
I still miss all my friends and colleagues from the label and hope that the new owners will be able to properly utilize the back catalog. I hope everything works out for the best, but mostly because I landed on my feet after by:Larm. See, being on the internet can give off the air of importance, I guess.
I can’t be sure about all of my former co-workers, but I am just glad this whole chapter of my life can truly be closed.
Nine Inch Nails – “Gave Up”
Press Release and more “after the jump”
THE ORCHARD WINS BID TO ACQUIRE TVT RECORDS
NEW YORK – June 20, 2008 – The Orchard (NASDAQ: ORCD), a global leader in digital music and entertainment, and TVT Records, one of America’s premier independent labels, today announced that The Orchard was selected as the winning bidder in a bankruptcy auction held yesterday in New York City to purchase TVT Records. Under the terms of its bid, The Orchard would assume control of TVT’s catalogue of recorded masters, artist contracts and physical record distribution infrastructure, among other assets, but excluding its holdings in its music publishing subsidiary.
The acquisition is expected to close on or before July 3rd, 2008, although there can be no assurances that the transaction will close as it is subject to court approval, customary closing conditions and finalization of the purchase agreement between the parties.
Commenting on the purchase, The Orchard’s President and Chief Executive Officer Greg Scholl said, “TVT has been a pioneering independent label that has operated since its inception proudly outside of the traditional music industry, and that pioneering spirit is a great fit with The Orchard’s mission and mandate. Along with a great catalogue of chart-topping music, TVT has a formidable artist roster, with major hip-hop talents and a phenomenal pipeline of developing artists. We look forward to working with these artists, and where it makes sense, in conjunction with other Orchard clients and partners, to support their artistic vision and maximize their commercial potential.”
TVT Records President Steve Gottlieb said, “After 23 years and 25 plus Gold and Platinum releases, I am delighted to see TVT’s catalogue and roster move to a company so deeply engaged in developing the digital future of the music business. My energies will now focus on the continued growth of TVT Music as a premier music publisher, as well as following on with my consulting and co-investing with VC’s in early stage internet ventures.”
About The Orchard®
The Orchard (NASDAQ: ORCD) controls and globally distributes more than 1.1 million songs and over 3,000 hours of video programming through hundreds of digital stores (e.g. iTunes, eMusic, Google, Netflix) and mobile carriers (e.g. Verizon, Vodafone, Bell Canada, Moderate, 3). With operations in 28 countries, The Orchard drives sales for its label, retailer, brand, and agency clients through innovative marketing and promotional campaigns; brand entertainment programs; and film, advertising, gaming and television licensing. A pioneer in digital music and media services, The Orchard fosters creativity and independence. For more information, please visit us at www.theorchard.com. The Orchard is a registered trademark and The Orchard logo is a service mark of Orchard Enterprises NY, Inc. All Rights Reserved.
About TVT Records
Founded by Steve Gottlieb, TVT Records has been a leading independent music label since its inception in 1985. The label introduced the world to such groundbreaking artists as Nine Inch Nails, Ja Rule and Lil Jon and has earned over 25 Gold, platinum and multi-platinum records. Billboard Magazine recognized TVT as the number one independent record label for five consecutive years (2001 – 2006). The label’s current roster includes Lil Jon, Ying Yang Twins, Pitbull, Default, Ambulance LTD, Yo Gotti, Keke Wyatt, The Polyphonic Spree, The Cinematics, The Holloways, Bobaflex, New Year’s Day and more.
The Polyphonic Spree – “We Crawl”
The Cinematics – “Break”
The Cinematics – “Grace” (Jeff Buckley)
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5 comments for “The Orchard to Purchase TVT Records”
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Uncles Steady "Replacing Words with Words"
God of War by Day, R&B Sensation by Night?
Video Hook-Up: Pomplamoose - "Telephone" (Lady Gaga and Beyonce Cover)
Mystery Roar Unleash "Mayhem" With Debut EP 
Video Hook-Up: The Lonely Island - "Boombox" (feat. Julian Casablancas)
Ariel Pink's Haunted Graffiti Reveal First 4AD Single
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Foburg Festival
The National Debut New Song on Jimmy Fallon
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BUT WHAT WILL BECOME OF THE YING YANG TWINS.
I kid. Bands like Ambulance LTD, the Cinematics, the P. Spree (it’s fun to say it that way), and countless others found shelter under TVT. Let’s hope the Orchard doesn’t eff it up.
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