Madonna has been very active in the decision-making
Superstar Madonna is suing Warner Music for $200 million over a breach of contract concerning their joint venture – Maverick Records.
The lawsuit filed by the “Like A Prayer” singer, 45, is the culmination of a year-long dispute between Maverick and Warner. Madonna is the majority owner of Maverick – which she started 11 years ago – and is home to artists like Alanis Morrisette and Michelle Branch.
Maverick’s attorney Bertran Fields says, “Madonna has been very active in the decision-making..”
The lawsuit claims that Warner failed to promote Maverick artists – as well as issues such as pricing. It is demanding that Madonna and her business partner Guy Oseary should be freed from the partnership.
According to terms of the deal, Warner reportedly has the option to buy out the 60 per cent of the label it does not own at the end of the year.
A source says Madonna and her partners had tried to sell her 60 per cent stake in the label to Warner Music and its former partner Time Warner.
However, talks broke down as Warner Music offered far less than the asking price.
A spokesperson for Warner says, “Warner Music Group is simply seeking to affirm that the claims Maverick Records has been making against the company over the past year regarding the joint venture are baseless, unsubstantiated and without merit.”
“We look forward to resolving this issue so all parties can move forward with clarity.”
“This effort to resolve ongoing contractual issues surrounding the Maverick Records joint venture agreement in no way impacts the company’s deep respect for Madonna.”
The dispute does not affect Madonna’s own music as the singer records under Warner.
Source: World Entertainment News Network