Lil Jon Sells Bankrupt Label for 6 Million Dollars
Rapper Lil Jon has ended his multi-million-dollar obligation to his bankrupt TVT Records. He reached an agreement to sell TVT's assets to a digital entertainment company called The Orchard for $6 million and work with the company to develop a lifestyle-oriented marketing and promotion programs as a consultant for some artists, labels, and branding opportunities.
In addition, as part of the deal, the company will provide him the rights to record his upcoming album, "Crunk Rock". The Orchard will also digitally issue Lil Jon's back catalog with new material coming from him. Commenting on the move, Lil Jon said, "It's unfortunate things have turned out the way they did, but artists deserve to be compensated fairly by their labels for the work they do, and that wasn't happenin'. In my case. I'm happy to finally be a free man and make a new start!"
His forthcoming album was originally scheduled for release in mid-2006, rescheduled for late 2007, and then sometimes with no fixed date in 2008. The unsure release schedule of his upcoming album is due to the internal dispute in TVT.
Now that the agreement is settled, the rapper is rushing to work on new tracks for the album. Some of the tracks will have Trick Daddy's vocals. Besides that, other artists are also lined up to guest on the album, including P.O.D., Kid Rock, Ciara, Ice Cube, R. Kelly, Remy Ma, Lil Wayne, The Game, and Three 6 Mafia.
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