NEW YORK (Warner
Music Group) - Warner
Music Group (WMG) and the partners of
Maverick Records have reached an agreement in principle to settle their litigation and extend and restructure the term of the
Maverick Records joint venture. As part of the agreement,
Maverick partner Guy Oseary will sign a new multi-year contract with Maverick. Additionally, WMG will purchase the separate interests in the label held by Madonna, a Warner Bros. recording artist and Ronnie Dashev, Maverick's Chief Operating Officer, giving WMG a majority ownership stake in the venture.
While Maverick will continue to operate as a stand-alone label, under the agreement the label will place greater emphasis on signing and developing artists, and have the ability to draw more heavily upon the substantial resources and expertise of Warner Bros. Records and its staff.
In making the announcement, WMG Chairman and CEO of U.S. Recorded Music Lyor Cohen said, "This new joint venture agreement is clearly a win-win for both WMG and Maverick, and we are pleased that Guy Oseary, one of the most successful A&R executives in the industry, is continuing his relationship with both companies. We have every confidence that Guy's creative genius in finding and developing new talent, Maverick's new release schedule and the label's outstanding catalog, which includes Alanis Morissette, Michelle Branch, The Prodigy and the Deftones, among others, will make the label a vital part of the WMG family moving forward."
Oseary said, "I'm very pleased that Maverick and Warner Music will move forward together. Madonna and Ronnie are my family and I thank them not only for having helped build Maverick, but also for having helped define who I am today. They will always be a part of the Maverick family. I look forward to working closely with my friends Lyor Cohen and Tom Whalley. The new independent spirit at Warner Music is a perfect fit for a stand-alone label like Maverick. And with our great roster, and with new artists like Story of the Year, I have every confidence that we will bring Maverick to a new level of success."
Said Warner Bros. Chairman and CEO Tom Whalley, "Warner Bros. has enjoyed a long relationship with Maverick that now has even more promise under this new structure. I personally have enjoyed working with Guy, Ronnie and Madonna over the past years and applaud the resurgence they've brought about in breaking such new Maverick artists as Michelle Branch and Story of the Year. We look forward to working with Guy as we further expand our relationship by providing the full range of Warner Bros. resources in helping Maverick build an enduring legacy."
