NEW YORK (Billboard) - Former high-flying label TVT
Records, home to such hip-hop artists as Lil Jon, Pitbull and
Ying Yang Twins, will file for Chapter 11 bankruptcy this week,
the company's founder said Tuesday.
Founded by Steve Gottlieb in his New York apartment in
1985, TVT achieved success after releasing music by rock acts
Nine Inch Nails and KMFDM. In recent years, the label has
focused on hip-hop.
But TVT has also been embroiled in legal battles, including
a suit against Island Def Jam over a Ja Rule album that IDJ
prevented TVT from releasing in 2003. The initial ruling
awarded TVT $132 million in damages, but the figure was
substantially reduced on appeal.
TVT also battled Miami label Slip-n-Slide over rights to a
Pitbull album, eventually losing and being ordered to pay
compensatory damages of almost $2.3 million and punitive
damages of over $6.8 million.
Just a few weeks ago, Pitbull lashed out at TVT in an
interview with Los Angeles radio station KPWR, claiming it
didn't properly promote his new album, "The Boatlift." He said
he was working "like a slave" to promote the album, and urged
his fans to boycott it.
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.
Gottlieb, who is TVT's president, told Billboard.com. "This
is not the end of TVT."
According to a source close to the situation, a video was
just shot for a new Pitbull single, "Anthem," and there's also
a new Ying Yang Twins single, "Drop," on iTunes.