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A New York-based digital music and entertainment company is set to take control of TVT Records, after placing the winning bid during a bankruptcy auction on Thursday (Jun 19).

In a statement released by The Orchard yesterday (Jun 20), the company announced plans to assume control of several of TVT’s assets, including the embattled independent label’s catalogue, artist contracts and physical distribution operations.

“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 founder Steve Gottlieb, who retains control of the company’s publishing arm. “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 filed for Chapter 11 bankruptcy protection in February, following public criticism by some of the label’s biggest stars, including Lil Jon and Pitbull.

At the time, Gottlieb explained that the decision was simply a move to “reorganize” the company’s finances and operations of TVT, which had been heralded by Billboard magazine as the top US independent record label from 2001 through 2006.

The Orchard’s acquisition of the TVT interests is currently pending the approval of the courts and finalization of the purchase agreement, which is expected to happen by July 3.

“Along with a great catalogue of chart-topping music, TVT has a formidable artist roster, with major Hip-Hop talents and a phenomenal pipeline of developing artists,” said The Orchard’s President and CEO Greg Scholl. “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 currently controls and distributes over 1.1 million songs and 3,000 hours of video through online retailers and mobile carriers.

The company also offers several media services to various labels, retailers and agencies, including marketing, brand entertainment programs and film, advertising, gaming and television licensing.