For people who were accusing each other of all sorts of contractual violations and financial indiscretions just a month back, bosses at Warner Music and imprint label Maverick were full of sycophantic praise for each other yesterday. The sycophancy followed news that the major label had reached a deal with the co-owners of the imprint which will stop the pending legal action between the two companies.
According to the deal Warners will buy out Madonna and COO Ronnie Dashev's share in Maverick giving the major a majority stake. Maverick boss Guy Oseary will maintain his share of the company and continue to head the label. Still essentially autonomous from the major, Maverick will take on a more development artist role and will utilise Warner's marketing and distribution teams more often.
Confirming the deal, Warner's US boss Lyor Cohen waxed lyrical thus: "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 catalogue will make the label a vital part of the WMG family moving forward."
Oseary took the opportunity to praise everyone in the room: "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 [Warner CEO] 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."