Today in Madonna History: April 20, 1992

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On April 20 1992, Madonna signed a deal with Time Warner to set up her own multimedia entertainment company called Maverick.

The 7-year arrangement (with an option to extend to 11 years) allowed Madonna to run Maverick with her then long-time manager, Freddy DeMann, and have its headquarters based in Los Angeles.

Madonna was advanced as much as $60 million for the deal that included music publishing, television, film, merchandising and book-publishing.

David Geffen said this of the deal:

“Madonna’s deal is certainly extraordinary, but I think she’s a great talent with a great will, and if she wants to do something she’ll do it. She works very hard, takes big risks and stays at the cutting edge of what’s happening.”

Charles Koppelman, the chief operating officer of EMI Records North America, had this to day:

“If anyone is going to get a deal of this magnitude, she is the kind of artist to give it to, she’s the exception: someone who taps into artists and musical genres before the rest of the world does. In other deals where artists get their own labels, such perks are usually window dressing to satisfy their egos. Madonna’s different. I would bet on her to make something more of it.”

The first two projects released under Maverick included Madonna’s own Erotica album and her coffee table SEX book, in October of 1992.

Today in Madonna History: April 20, 1992

maverick

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.

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