August 22, 2007 10:00

Madonna sells record company

The Queen Of Pop's Maverick label goes up for sale

Madonna sells record company
Madonna has sold her label Maverick Records.

Warner Music Group who owned the label has agreed to buy the singer out of her contract.

Madonna founded the label 12 years ago and it had been home to the singer as well as Alanis Morissette and the US base for The Prodigy.

Madonna and partners Guy Oseary and Ronnie Dashev together have owned 60 per-cent of the company; Warner Music owned 40 per-cent.

In March, Maverick filed suit against Warner Music and its former parent Time Warner Inc claiming breach of contract and alleging that they had misstated Maverick's profits and mismanaged the company, costing Madonna and her partners millions of dollars.

Warner Music filed a lawsuit of its own against Maverick
claiming the company had lost tens of millions of dollars.

Despite rumours that the singer was leaving Warner Music, this was denied by Maverick’s lawyer Bert Fields.

He told CBS: “It was an effective way of settling the lawsuit. It's clean and equitable, and it doesn't have anything to do with her record contract."

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