LATEST: New York-based music label TVT Records has been sold to digital music company The Orchard for $6 million (GBP3 million).
TVT Records - home to artists including the Ying Yang Twins, The Polyphonic Spree, Pitbull and Lil' Jon - sparked fears of a complete closure after the label axed staff and applied for Chapter 11 bankruptcy protection in February (08).
The independent label succumbed to its financial difficulties and has now been sold off for $6.05 million (GBP3.025 million) to worldwide music distributor The Orchard in a deal which expected to close next month (03Jul08).
Under the terms of the purchase, The Orchard will take control of TVT's catalogue and artist contracts.
The Orchard bosses have denied claims they are already on the look out to sign new artists, fuelling reports the firm will focus instead on looking after the disgruntled musicians already on the roster.
Rapper Pitbull accused TVT bosses of not doing enough to promote his album The Boatlift earlier this year (08) - and urged his fans not to purchase the LP.
The company was founded by Steve Gottlieb, who launched the label out of his New York City apartment in 1985. At its height, TVT was considered one of the top independent record labels in the United States.