Madonna - Warner: Set to Divorce
August 24th 2007 11:53
Her Madge-esty has sold out.
In efforts to divorce herself from her long time musical home at Warner Brothers Records, Madonna has sold her label Maverick Records.
Warner Music Group who owned the label has agreed to buy the singer out of her contract. Maverick was created l12 years ago and it had been home to successful acts such as Alanis Morissette and The Prodigy.
Madonna and partners Guy Oseary and Ronnie Dashev have owned 60 percent of the company; Warner Music owned 40 percent. Trouble began brewing in March of this year, when Maverick sued former parent company, Time Warner, Inc., for supposedly cooking the books and costing Madonna and her partners millions of dollars in royalties and other profits.
In turn, Warner Music Group sued Maverick claiming that the company had not lived up to its contractual agreements and cost WMG millions of dollars.
Maverick's lawyer Bert Fields claimed in an interview with CBS News: "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. 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.
Despite the claims that it had nothing to do with Madonna’s recording contract with Warner Music. Multiple sources at WMG’s New York headquarters confirmed that Madonna is in negotiations to abandon the label after meeting her contractual commitment to provide two more albums. One of those will be a greatest hits package.
It’s a slap in the face for Warner Music who took a chance on Madonna in the mid-1980’s when every other record label had turned her down.
But, in the world of Madonna, there’s no such thing as petty loyalties.
| 44 |
| Vote |
subscribe to this blog
