Madonna Sells Her Maverick Label

Back in 1995, a fledgling record label called Maverick Records released a then-unknown artist’s (Alanis Morrissette) debut album “Jagged Little Pill.” It went multi-platinum, and the label’s owner, Madonna, had a big smile on her face.

Twelve years later, Madge is letting go of her 60% of the label.  Warner Music Group has agreed to buy the remaining percentage (they already own 40%) in a deal that also alleviates some legal tension.

Maverick had recently filed a lawsuit against Time Warner alleging breach of contract and mismanagement.  And according to Maverick’s lawyer Bert Fields, “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.”

The Material Girl will still record under Warner Music and is even said to be working with pop star Justin Timberlake on a new duet.

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