Madonna's bitter battle with WARNER MUSIC GROUP has finally come to an end, after the company agreed to buy her out of MAVERICK RECORDS, the label she co-founded 12 years ago.
Madonna's Maverick Records debuted with a flourish and included the multi-platinum debut of Alanis Morissette's JAGGED LITTLE PILL in 1995.
Madonna and partners Guy Oseary and RONNIE DASHEV together owned 60 per cent of the company; Warner Music owned 40 per cent.
In March (04), 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.
In an agreement announced yesterday (14JUN04), Warner Music said it would buy Madonna and Dashev, Maverick's chief operating officer, out of their share of the label. Madonna will have no role in the company, while Oseary will keep his share and stay with Maverick as CEO.
Neither side has disclosed the financial terms. The deal does not affect Madonna's own recording contract with WARNER BROS - her home since 1984.
Lawyer BERT FIELDS, who represented Maverick, says, "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."15/06/2004 10:01