The star agrees to sell her stake in her record label Maverick...
MADONNA is to sell her stake in record label MAVERICK after lengthy court wrangles with parent company WARNER MUSIC GROUP.
Maverick, which has been home to artists such as Prodigy and the [a][/a], will be bought by Warner Music Group, who already own 40% of the label.
Warner will also buy Madonna‘s partner Ronnie Dashev’s share of the label. Other partner Guy Oseary has been made A&R chief, and will keep his shares in the label.
As previously reported, Maverick sued Warner in March for breach of contract through “mismanagement” and “profit-taking”.
Maverick’s lawyer Bert Fields said: “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,” reports the BBC.
Lyor Cohen, chairman of Warner Music, said: “This new joint venture agreement is clearly a win-win for both Warner Music Group and Maverick.
“We are pleased that Guy Oseary, one of the most successful A&R executives in the industry, is continuing his relationship with both companies.”
Madonna will remain signed to Warner for her own solo relelases.