Madonna

Los Angeles, June 15: She’s made up her mind: She’s not keeping her label.

Madonna has agreed to sell her interest in Maverick Recording Co., a partnership with Warner Music Group founded at the height of her fame, the companies said yesterday. The deal is part of a settlement of a lawsuit accusing Warner Music of cheating her and her partners out of millions of dollars.

One of her partners in Maverick, Ronnie Dashev, also will sell, and she and Madonna together will receive about $10 million, according to people familiar with the settlement agreement.

The singer’s other partner, Guy Oseary, agreed to sell part of his stake and extend his employment contract with the label, these people said.

Warner Music will own more than 75 per cent of Maverick, up from 40 per cent.

When the transaction is completed, possibly within weeks, Warner Music is expected to shut Maverick’s Beverly Hills, California, office, lay off some staff and shift the remaining employees to its flagship Warner Bros. Records label in Burbank, California, sources said.

Maverick, whose roster includes Michelle Branch and Alanis Morissette, will continue as a separate label, the company said. Maverick is still important: In fact, Morissette’s So-Called Chaos is the only album in the Warner Music family in the top 30 on the nation’s pop chart.