New York - The Orchard (NASD: ORCD), a digital distributor of independent music and other media, announced on Friday that it is the winning bidder in a bankruptcy auction to purchase TVT Records, an independent music label founded in 1985.

Terms of the deal were not disclosed.

Under the terms of its bid, New York-based The Orchard would assume control of TVT's catalog of recorded masters, artist contracts and physical record distribution infrastructure, among other assets, but excluding its holdings in its music publishing subsidiary.

"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," said TVT Records president Steve Gottlieb.

"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."

The acquisition is expected to close on or before July 3rd.

Related Links:
http://biz.yahoo.com/bw/080620/20080620005174.html?.v=1

http://www.tvtrecords.com

http://www.theorchard.com