TVT To File For Bankruptcy, Nine Inch Nails Frontman Trent Reznor Is Happy
Band Photo: Nine Inch Nails (?)
TVT Records, once hailed as Billboard's top independent label will file for Chapter 11 bankruptcy this week, company head Steve Gottlieb tells Billboard.com. "This is not the end of TVT," he insists. Founded in New York in 1985, TVT rose to notoriety after releasing music by Nine Inch Nails and KMFDM. Other notable heavy artists on the label's roster have included Sevendust and Bobaflex. In recent years, however, the label has focused on hip-hop, scoring a series of hits with artists such as Lil Jon, Pitbull and Ying Yang Twins,
TVT Music Publishing will not be closed, according to Gottlieb. "That's the only part that hasn't had layoffs," says a source. "People have left and they haven't hired new replacements, but everyone I know in publishing as of yesterday is still working. Although, the people still remaining are just there to fill orders and deal with overdue accounts payable."
TuneLabMusic.com reports that Nine Inch Nails front-man Trent Reznor is delighted TVT Records has filed for bankruptcy, after falling out with the company in the early 90s. Reznor fell out with the firm following a series of disputes over producers, single releases and royalties. In 1992, the he reached an agreement with TVT allowing him to leave the label while still paying a small amount of proceeds.
Reznor can’t help but revel in the news that the company is in trouble. He wrote on his website: “You’re gonna get yours. Not ALL news in the music industry is bad these days.” The star linked his statement to an article about the collapse of TVT.
Source: Billboard.com
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10 Comments on "TVT To File For Bankruptcy, Trent Reznor Is Happy"
Member
3. writes:
rap isn't that bad... it's the label's fault through and through. they should understand that all types of music have fans, and they shouldn't satiate listeners with the same kind of sh** everyday.
though it is kinda selfish of Trent to comment so indifferently when people are losing jobs.
Founder, owner & programmer
4. writes:
To play devil's advocate here, no one complains/worries about people losing jobs when a particular government party is ousted from power, whether by election or otherwise. Trent sees the labels as on the wrong side of the battle, and has personal feelings about this one in particular. I'm sure he doesn't hold any personal animosity towards most of the employees who have lost their jobs - that's not what he's saying at all. Those people are essentially collateral damage. sh** has to happen for change to happen.
5. writes:
TVT Music Publishing will not be closed, according to Gottlieb. "That's the only part that hasn't had layoffs," says a source. "People have left and they haven't hired new replacements, but everyone I know in publishing as of yesterday is still working. Although, the people still remaining are just there to fill orders and deal with overdue accounts payable."
yep, gotta get every last penny they can before shutting down...
deathbringer writes:
I'm sure he doesn't hold any personal animosity towards most of the employees who have lost their jobs - that's not what he's saying at all. Those people are essentially collateral damage.
agreed 100%. every big record exec could care less about their employees, as you can see in the article, he does not show any kind of emotion towards the people already gone, but just to let evey1 know that your bills need to be paid!!!!
Former Contributor
6. writes:
Lol, Trent would be. Vengeful motherf***er.
TVT is/was like a little Roadrunner. If they weren't known for f***ing their artists over they ignored them completely ask Sevendust and Nothingface....Ofcourse, the only side of the story I ever have is that of the artists...
I'll bet Reznor is wishing they still had the masters of PHM, now would have been the time to take them.
Now Playing: Behold...The Arctopus - "Skullgrid"
Supporter
8. writes:
*rolls eyes* Trent reveles in anything that makes him money... In my opinion he is not the greatest thing to happen to music and yet he thinks, no rather he is convicted that he is. I am sure in his egotistical mind they are going bankrupt because of him and have to agree with Diamond here that he is an arsehole!
Supporter
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Senior News Correspondent
1. Diamond Oz writes:
Fair enough that he's angry with the label, but to be happy over so many people losing their jobs! What an arsehole.