And Maverick are also slap bang in the middle of a massive legal dispute...
MADONNA‘s record label MAVERICK has lost $66 million in the past five years, according to recently unsealed documents.
The label, which boasts [a][/a] and Michelle Branch among its roster, is in dispute with partner Warner Music after Madonna sued the label giant for $200 million last month, claiming improper accounting and mismanagement, report the BBC.
However, Warner Music have hit back with their own documents which they claim prove they have filled their contractual obligations.
Maverick have now been told that they must pay $92.5m plus interest to terminate the partnership. Warner Music say that if the money is not forthcoming they can legitimately turn the label into a “purely passive economic interest”. This would mean that the label will make no profit until the debt has been paid.
However, Warner have been keen to distance Madonna from the dispute.
A company statement released about the action said: “This effort to resolve ongoing contractual issues surrounding the Maverick Records joint venture agreement in no way impacts the company’s deep respect for Madonna.”