Warner buys Madonna's share of Maverick Records

1.00pm

Warner Music Group has agreed to buy Madonna out of Maverick Records, the label she co-founded 12 years ago, to end the legal battle that pitted the music conglomerate against its biggest star.

Maverick Records debuted with a flourish and included the multiplatinum debut of Alanis Morissette's Jagged Little Pill in 1995. More recently, the company has scored hits with Michelle Branch.

Madonna and partners Guy Oseary and Ronnie Dashev together have owned 60 per cent of the company; Warner Music owned 40 per cent.

The deal does not affect Madonna's own recording contract with the Warner Bros record label, which is a part of Warner Music and has been her home since 1984.