Shameless Reports: Your Odds of Getting Signed to V2 Just Got Slimmer

Out with the old, in with the new

In this case that saying may be a little backwards...

According to the Music Box:

V2 Records announced a major restructuring that will find the label focusing on catalogue sales rather than new releases. President Andy Gershon and 35 others lost their jobs on Friday as part of the deal. V2's COO Michael Olsen will manage the company from its Nashville office, and artists from The White Stripes to Moby will be left without a home. The label initially was meant to emphasize catalogue sales, so in a sense, this is a back-to-basics move.

No news yet on which artists, if any, will be kept on the roster. Members of the V2 family included The Adored who now list their label info as "formerly V2 Records," UK faves The Rakes, as well as L.A.'s own Cold War Kids, who are on the verge of releasing their new EP Hang Me Up to Dry the 29th of this month.

While waiting to hear the news of who is left label-less, or if you happened to be one of the unlucky ones unable to score tickets to one of Cold War Kids' "back to their roots residency" shows in LA or NY this month, sit back and enjoy their video for the title track Hang Me Up to Dry off their upcoming CD.