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TVT Records

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TVT
Parent companyTVT (August 1984–2008)
Sony/The Orchard(2008–present, recordings)
Reservoir Media(2010–present, music publishing)
Concord/Bicycle(2010–present, recordings acquired from TVT byPrudential Financialin 2002)
FoundedAugust 1984(August 1984)[1]
FounderSteve Gottlieb
StatusInactive
Distributor(s)self-distributed
GenreVarious
Country of originU.S.
LocationNew York City, New York,U.S.

TVT Records,originallyTee-Vee Toons,was an American record label founded bySteve Gottliebin 1984. Initially created to release theTelevision's Greatest Hitsseries of classic TV theme tune compilations, the label would expand intorap,industrial rock,andelectronic musicamassing 25 Gold, Platinum, and Multi-Platinum albums over the course of its 24-year history.[2]

After losing a legal battle withSlip-N-Slide Records,TVT Records filed for bankruptcy in 2008 and the company's assets were acquired byThe OrchardandReservoir Media.Content that had previously been transferred toPrudential Financialwas acquired byBicycle Music Companyin 2010.

The label's roster includedNine Inch Nails,Ja Rule,Lil Jon,Underworld,KMFDM,Gravity Kills,The KLF,The Baldwin Brothers,Sevendust,Nothingface,the Wellwater Conspiracy,The Brian Jonestown Massacre,The Holloways,The Cinematics,Buck-O-Nine,DJ Hurricane,SpeechandPitbull.The label had a triple platinum release with Nine Inch Nails'sPretty Hate Machine,two double platinum releases by Lil Jon, and platinum releases bySnoop DoggandTha Eastsidaz,Dashboard Confessional,DefaultandYing Yang Twins,as well as gold releases bySevendust,Gravity Kills,andThe Black Crowes and Jimmy Page.Additionally, TVT achieved a gold release in Germany and Sweden withThe Connells,and scored platinum and gold records in Canada withDefault.

History

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Early years

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TeeVee Toons was founded in August 1984 bySteve Gottlieb,a graduate ofYaleUniversity andHarvardLaw.[1]Gottlieb launched the label from hisNew York Cityapartment[1]with the release ofTelevision's Greatest Hits,an album featuring theme songs from classic TV shows that became a respectable seller. TheSan Francisco Chroniclecalled the album "the most fun you can have with your pants on", and theNew York Timeshighlighted it as one of 1985's most notable business ideas.[3]

In 1986, TeeVee Toons was shortened to TVT Records. In 1988–89, TVT signedindustrial rockbandNine Inch Nails,and they released their debut studio albumPretty Hate Machineon October 20, 1989. But there was tension between Gottlieb and NIN frontmanTrent Reznorthroughout the promotion. According to Reznor, Gottlieb called Nine Inch Nails' record an "abortion".[4]He said to him: "You fucked up what could have been a good career." WhenPretty Hate Machinesold 1,000,000 copies, Gottlieb reacted rudely, ordering the band to sell 4 million copies of the follow-up. While NIN was on tour, TVT released an EP for the single "Head Like a Hole"that was longer in length than the original album, and started underpaying Reznor, along with pressuring him to make a follow-up record that sounded identical toPretty Hate Machine.Scared that TVT would interfere with his creative control, Reznor, in secret, started recording what would becomeBrokenin 1992.[5]He metJimmy Iovine,founder ofInterscope Records,and finally, in 1992, Reznor and TVT reached an agreement where NIN would leave TVT and move to Interscope, but TVT would receive some of the royalties made from future NIN releases.

In 1996 Crain's named Gottlieb one of its Forty Under 40 Rising Stars to Watch, citing the 50% yearly growth of TVT.[6]In 1999 TVT completed a securitization that enabled it to raise $23.5 million ingrowth capital.[7]

Later years

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In 2000, TVT became the first label to put its entire catalog online available for downloading and free streaming by fans.[8]In 2001, the label reached an amicable arrangement withNapsterfor use of TVT's artist copyrights, and TVT's CEO joined the Napster advisory board. Gottlieb appeared before the Senate Judiciary Committee in 2001 on a panel that includedRichard Parsons,then head ofTime Warner;Ken Berry, head ofEMI;and artistsAlanis MorissetteandDon Henley.[9]CEO Gottlieb served on the Board of Directors ofMusicmatch(sold toYahoo!).

TVT was one of the founding members of theAssociation of Independent Music(A2IM), an organization devoted to protecting independent labels' interests.[10]

In 2002, the label got into a dispute withLyor Cohen,then head ofIsland Def Jam.The dispute involved Cohen and Universal paying former TVT artist Ja Rule $8 million to not deliver an album paid for by TVT, and promised to TVT and instead deliver it toUniversal.In the resulting litigation Universal was prohibited by the courts from releasing the album created with TVT's funding. In the ultimate trial over the claims of fraud and tortious interference, a jury awarded TVT a $132 million judgment. Universal appealed the ruling. On appeal, Cohen and Universal argued the existence of an agreement between the parties meant that their behavior was only a breach of contract and not a fraud or tort. The court agreed, reducing TVT's award to $126,000.

In 2002,Prudential Financialacquired the rights toPretty Hate Machine,The Connells,the "Mortal Kombat" soundtracks, the first seven volumes ofTelevision's Greatest Hits,and a Wax Trax boxed set; certain publishing rights in compositions fromKMFDM,Gil Scott-Heronand Nine Inch Nails, among others; and trademarks, including theTelevision's Greatest Hitslogo, after TVT had defaulted on a loan to Prudential. In 2005, Prudential placed the catalogue up for sale.[11]

Slip-N-Slide lawsuit/Bankruptcy

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In 2007, TVT lost a $9 million lawsuit toSlip-N-Slide Recordswhen aFloridajudge ruled that Slip-N-Slide had legal rights to distribute an unreleased album it owned by rapper Pitbull that he recorded for Slip-N-Slide in 2001. TVT, who signed Pitbull several years later, had sought to notice third parties (such as record stores or digital download entities) that the distribution and sale of this album would violate TVT's exclusive right to create new music by the artist. The judge, however, ruled against TVT as Pitbull had made the recordings prior to signing with TVT, and awarded Slip-N-Slide the $9 million judgement as TVT had attempted to block the sale of the album. TVT filed for appeal but was unable to post the required bond, thus TVT filed for bankruptcy.

On February 19, 2008, Gottlieb stated "This is not the end of TVT."[12]In June 2008, however, the digital music labelThe Orchardwas declared the winning bidder by aNew Yorkbankruptcy court, paying $6.05 million. The Orchard gained control of TVT's artist contracts, catalogue recordings, and its distribution infrastructure, thus ending the TVT Records label imprint.[13]The music publishing assets were transferred to TVT Music Enterprises, and later purchased byReservoir Media.[14]On April 6, 2010, TheBicycle Music Companyacquired 700 master recordings across 80 albums, including the catalogues ofNine Inch Nails,The ConnellsandTelevision's Greatest Hits,from Prudential.[15]

See also

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References

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  1. ^abc"Business Notes".Time.20 January 1986. p. 2. Archived fromthe originalon December 5, 2008.Retrieved9 May2010.
  2. ^Van Buskirk, Eliot (February 8, 2008)."Qtrax Has Active Deal with TVT Records".Wired.Retrieved6 May2010.
  3. ^Bennett, Robert A. (1985-12-29)."Whoever Dreamed That Up?".The New York Times.Retrieved2010-05-26.
  4. ^Buchanan, Brett (11 July 2017)."Trent Reznor Rips 'Collection Of Shit' Who Called Nine Inch Nails 'An Abortion'".alternativenation.net.
  5. ^"TVT Records – NinWiki".www.nin.wiki.18 February 2017.
  6. ^"Steve Gottlieb – 1996 – 40 Under Forty | Crain's New York Business".Mycrains.crainsnewyork.com. Archived fromthe originalon 2010-09-22.Retrieved2012-03-12.
  7. ^Philips, Chuck (1999-02-23)."TVT, UCC in $23-Million Financing Deal".Los Angeles Times.Retrieved2010-05-26.
  8. ^Sansone, Glen, ed. (27 December 1999)."TVT Makes Entire Catalog Available"(PDF).CMJ New Music Report.60(648). Great Neck, NY: College Media, Inc.: 19.ISSN0890-0795.Retrieved13 January2022.
  9. ^"Desperado storms Capitol Hill – CNET News".News.cnet.com. 2001-04-03.Retrieved2012-03-12.
  10. ^"Biz Briefs: Fighting For the Little Guy".Time.2005-10-02. Archived fromthe originalon May 1, 2008.Retrieved2010-05-26.
  11. ^Christman, Ed (26 July 2005)."Some Early TVT Titles On Auction Block".Billboard.Retrieved4 January2022.
  12. ^"Music label TVT Records to file for bankruptcy".Reuters.2008-02-19.
  13. ^"The Orchard Wins TVT Bankruptcy Auction".
  14. ^"Reservoir Media Management Acquires TVT Publishing Assets".Billboard.biz. 2010-04-29. Archived fromthe originalon 2012-01-15.Retrieved2012-03-12.
  15. ^"LA publisher buys early TVT Recordings | Complete Music Update".
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