On June 19, global music distributor The Orchard won the bidding battle to purchase bankrupt music label TVT Records.

TVT went bankrupt earlier this year [click to read] and faced a number of financial obstacles including a lawsuit against Island Def Jam and a battle with Slip-n-Slide Records for rights to one of Pitbull's albums which led to TVT dishing out close to $10 million.

As part of the purchase The Orchard will gain control of TVT's catalogue of recorded masters, artist contracts and physical record distribution infrastructure.

"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," TVT Records President Steve Gottlieb said in a statement. "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."

TVT Records is home to many artists including Lil Jon, Ying Yang Twins, Pitbull, and Yo Gotti.

"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," The Orchard's president and CEO Greg Scholl said in a statement.

Reported by Danielle Harling.