Madonna
has sold her label
Maverick Records
.
Warner Music Group
who owned the label has agreed to buy the singer out of her 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
.
Madonna
and partners
Guy Oseary
and
Ronnie Dashev
together have owned 60 per-cent of the company;
Warner Music
owned 40 per-cent.
In March,
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.
Despite rumours
that the singer was leaving
Warner Music
, this was denied by
Maverick
’s lawyer
Bert Fields
.
He told
CBS
: “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.”