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Last Updated: Tuesday, 15 June, 2004, 08:52 GMT 09:52 UK
Madonna sells label after battle
Madonna, Los Angeles, 24 May 2004
Madonna remains signed to Warner for her solo work
Pop star Madonna is to sell her record label Maverick to its parent company Warner Music Group after a long-running battle between the firms.

Madonna co-founded Maverick in 1992. It launched Alanis Morissette's career and was The Prodigy's US home.

Warner is to buy Madonna's stake and that of her business partner Ronnie Dashev. Warner already owned 40%.

Maverick sued Warner in March, alleging a breach of contract over Warner's "mismanagement" and "profit-taking".

Madonna will remain signed to Warner for her solo work.

'Clean and equitable'

"It was an effective way of settling the lawsuit," Maverick's lawyer Bert Fields said. "It's clean and equitable, and it doesn't have anything to do with her record contract."

Madonna's other partner in Maverick, Guy Oseary, has signed a new contract with Warner as A&R chief. He will retain his shares.

Lyor Cohen, Warner Music's chairman, 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."

Court documents produced by Warner as part of its pre-emptive defence against Madonna's $200m (112.5m) legal action suggested Maverick had lost $66m (37m) since 1999.


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