TVT RECORDS Heading For Bankruptcy

February 19, 2008

Billboard.com reports that TVT Records, once hailed as Billboard's top independent label and home to artists such as SEVENDUST and BOBAFLEX, is expected to file for Chapter 11 bankruptcy this week. Sources have confirmed the development, which was first reported by AllHipHop.com.

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 with the aforementioned artists.

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.

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