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NEW YORK TIMES PREPARES TO EXPLAIN ERRONEOUS STORY WITH 2,100 WORD CORRECTION; PAPER CLAIMED MUSIC CHIEF DEFAULTED, LOST CONTROL OF LABEL
It's"We're Sorry!" time at the NEW YORK TIMES on Monday.
The Business Desk is preparing to retract a story which claimed TVT Records founder and president Steven Gottlieb"lost control of his company" after"Mr. Gottlieb defaulted on loans totaling $23.5 million."
The correction will run more than 2,100 words.
In a profile of Gottlieb last Monday, the TIMES, quoting"court documents," made the damning charge.
But now, upon further review, the paper has learned the loan dispute between Prudential Securities and TVT Records, one of the nation's largest independent record companies, has had no impact on the control or management of the label.
In fact, Gottlieb was never personally responsible for the defaulted loan and remains in full control of his company.
The original TIMES report was filed by Lynette Holloway. But the paper has assigned Diana Henriqes to fix the mess on the front of tomorrow's business section.
Beyond the inaccuracies arising from the original article's mistaken premises, there were other factual errors, the NEW YORK TIMES will state.
Gottlieb graduated from Harvard Law School in 1984, not 1985, and his office is in Manhattan north of Houston Street, not in SoHo.
He started his company with $125,000, not $250,000. The theme song from"The Brady Bunch" was part of the second volume of Gottlieb's album"Television's Greatest Hits," not the first.
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