Madonna has parted ways with her record label, Maverick Records.
On Monday, Warner Music Group announced that it would buy the singer out of the label she co-founded 12 years ago. The company will also buy out the interest of Madonna's partner Ronnie Dashev, Maverick's Chief Operating Officer, while third partner Guy Oseary will continue to work with both companies. The three partners jointly owned a 60 percent share in the company. WMG, which owned a 40 percent share, will now own a majority stake in the label.
Maverick and WMG have been engaged in legal battles since March. The two parties filed lawsuits against each other when negotiations to end the partnership hit a standstill (see "Madonna Calls Record Company's Suit Against Her 'Nothing Short Of Treason' ").
The settlement stipulates that Maverick will continue to operate as a stand-alone label, but will agree to focus more on signing and developing new artists.
Of the agreement, WMG Chairman and CEO of U.S. Recorded Music Lyor Cohen said, "The new joint venture agreement is clearly a win-win for both WMG and Maverick."
Oseary added, "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 me define who I am today. They will always be a part of the Maverick family."
Maverick Records' roster includes Alanis Morissette, Michelle Branch and the Deftones, as well as newly signed artists Story of the Year.