TVT Records, long ranked as one of the top independent labels in the recording industry, filed for bankruptcy protection Tuesday as part of an overhaul that involved staff cutbacks and the closing of certain international offices, the company said. Until recently, TVT, based in New York, had been able to weather the industry’s sales falloff with hits from artists like the rapper Lil Jon. But the company was hit last year with a $9.1 million court judgment after a federal jury in Miami decided that it had interfered with another company’s plan to release old recordings of the rapper Pitbull, who is now on TVT’s roster. (NY Times, Reuters)
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