TVT Files for Bankruptcy, Trent Reznor Rejoices

Current home to Lil Jon, the Ying Yang Twins, Pitbull, Dude 'N Nem, the famed Crunk Hits compilation series, and (why not?) the Polyphonic Spree, NYC-based TVT Records has filed for Chapter 11 Bankruptcy protection, according to an official statement released today.

The independent label made the move "in order to address urgent financial challenges and to support its future development," according to a press release, although it plans to "continue to market and promote its current projects and schedule upcoming releases." Affiliate company TVT Music Publishing will not be affected by the filing.

"The downturn in the music business has affected all of us, independents and majors alike," said TVT president and founder Steve Gottlieb in the statement. "We all seek to adapt to a new business model. I believe our history of innovative marketing, creative branding, and artist discovery are as much in demand today as ever before and that we will emerge from this reorganization a stronger entity."

While focused primarily on hip-hop and the odd indie band in recent years, TVT originally gained prominence with early releases from Nine Inch Nails and KMFDM, and went on to release records from Guided by Voices, the Brian Jonestown Massacre, and Autechre-- among many others-- over its 23 years so far in the business.
A representative from TVT tells Pitchfork that the label plans to continue to put out new records by all of its artists, including the Polyphonic Spree, Dude 'N Nem (check out these amazing new songs), Ambulance LTD, the Holloways, Lil Jon, and others. However, the label's financial setbacks will slow down business as usual, naturally.
For commentary on the situation, we turn to Trent Reznor, mastermind behind former TVT signing Nine Inch Nails. "Not ALL news about the music industry is bad these days," wrote Reznor in a posting on the NIN site yesterday that included a link to AllHipHop.com's breaking story about TVT's bankruptcy. The title of that post: "you're gonna get yours." No hard feelings, huh Trent?


Video: The Polyphonic Spree: We Crawl [from the The Fragile Army LP]

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What exactly happened between TVT and Trent? Obviously he was signed onto their label back in the day. But what was it? Bad contract?

TVT Records - NinWiki - Your source for information on Nine Inch Nails, Year Zero, and NIN Discography

lol...i love trent.

"In the music video for "Gave Up," the words "Fuck You Steve" appear on a computer monitor, referring to Steve Gottlieb of TVT Records."
HA HA HA.