On April 20 1992, Madonna signed a $60 million, seven-year contract with Time Warner Inc. as a joint venture to form a new multi-media entertainment company: Maverick.

Madonna was made CEO of Maverick (her own record and music publishing company), which included TV, film, merchandising and book publishing divisions.

The contract re-negotiated and extended Madonna’s contract with Sire Records: a $5 million advance per album & a 20% royalty rate for her next seven albums. The future recordings would all be released by Maverick/Sire Records.