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."
Preview and Purchase TVT Records CDs
On the Blue: New Horizons Cruise Day 1: Marbin Gets the Fun Started
Hot In The City: Prog Band Tu-Ner Coming to Phoenix
Sites and Sounds: Daytona Beach Ready to Rumble with Welcome to Rockville
Pearl Jam Deliver 'Wreckage' Ahead Of 'Dark Matter'
The Osbournes Expanded With New Content For Rerelease
Hawthorne Heights, Thursday, Saosin and Anberlin Launching The 20 Years Of Tears Tour
Kiko Loureiro To Sell Megadeth Guitars, Amps, And More
Garth Brooks, Carrie Underwood, and ALABAMA Lead Kickoff Jam Lineup
Billy Morrison To Debut 'The Morrison Project' Track By Track Special Today On Ozzy's Boneyard
Watch Memphis May Fire's 'Chaotic' Video
CBS To Rebroadcast Billy Joel: The 100th Live From Madison Square Garden