Madonna sells record company
The Queen Of Pop's Maverick label goes up for sale
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."
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."
More News:
Madonna
More Madonna
Madonna's neighbour sues her over loud music- Guy Ritchie breaks silence on Madonna: 'I still love her but she's retarded'
- Madonna keeps Muse and Dizzee Rascal off album chart top spot
- Bulgarian church blames Madonna for boat tragedy
- Madonna's 'Sticky And Sweet tour' is highest-earning ever for a solo artist
- More Madonna news
Madonna
Madonna - Making Of The Video 'Give It To Me'Listen to full tracks now. Users outside the UK can hear 30-second clips of each song.
Comments (0)
Add a comment
Add your comment
Please sign in to add your comments or register to have your say.