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TIME WARNER AND MADONNA FORM MAVERICK, A MULTIMEDIA COMPANY

 TIME WARNER AND MADONNA FORM MAVERICK, A MULTIMEDIA COMPANY
 NEW YORK, April 20 /PRNewswire/ -- Time Warner Inc. (NYSE: TWX), the world's leading media and entertainment company, and Madonna have formed Maverick, a multimedia entertainment company. The announcement was made today by Time Warner Chairman and Co-CEO Steven J. Ross, President and Co-CEO Gerald M. Levin, Madonna and Freddy DeMann.
 Maverick will be overseen and run by Madonna and DeMann. Maverick, will consist of a free-standing record company, a music publishing company, and will have television, film, merchandising and book publishing divisions.
 As part of this new agreement, Madonna has renegotiated and extended her exclusive recording agreement with Sire Records, for whom she has been recording since 1982. However, all her subsequent albums will be released through Maverick/Sire records. Terms of the agreement were not disclosed.
 During the course of her career, Madonna has generated sales in excess of $1.2 billion and has sold 150 million audio units.
 Maverick, under the terms of a seven-year agreement, establishes a broad base for Madonna and DeMann to discover and bring to the public new talent in a variety of media. Maverick's artists will create a wide range of artistic and business endeavors utilizing all the divisions of Time Warner Inc. The company will develop feature films, network TV specials, series, cable television and pay-per-view programs, music videos and books.
 Maverick's creative and business endeavors will be enhanced by their collaboration with the following Time Warner companies: Warner Bros. Records and its Sire Records label, Home Box Office, Warner Bros., Lorimar Television, Warner Books, and Warner/Chappell Music.
 Maverick will launch a fully-staffed record company with its own A&R and national and regional promotion departments with participation in marketing, sales and local promotion by Warner Bros. and Sire Records. Madonna will be recording a new album this summer and it will be released by Maverick this fall. All future Madonna music product will be released by Maverick Records.
 Releases from Maverick will be distributed by Warner/Sire domestically through WEA Corp. and internationally through Warner Music International. Maverick's music publishing division will be administered worldwide by Warner/Chappell Music.
 Announcements regarding Maverick's signing of new talent and news of properties and acquisitions and selection of executives will be made in the next several months. Maverick will have offices in Los Angeles, New York and London.
 Upon the formation of Maverick, Madonna said: "Freddy and I, the Maverick staff and the Time Warner divisions are dedicated to make this enterprise a vehicle to entertain as well as enlighten, provoke, and naturally, make a profit. Maverick stands for the perfect marriage of art and commerce."
 In making the announcement, Ross and Levin said: "Today's agreement with Madonna to form Maverick opens up a unique new era of artistic autonomy and creative freedom within a larger global corporate structure. The terms of the agreement are designed to provide Madonna with the greatest possible hands-on involvement in film, television programming, publishing and music. Only an artist with the talent and stature of Madonna can effectively utilize all facets of the emerging global media marketplace."
 The Maverick-Time Warner alliance was forged through the efforts of Warner Bros. Records Chairman Mo Ostin and Sire Records President Seymour Stein, who signed Madonna to her first recording contract over ten years ago.
 Regarding the launch of Maverick, Ostin commented: "More than any other individual, Madonna has helped mold the direction of popular taste over the past decade. She has defined an entirely new role for women in the entertainment business."
 Stein, president of Sire Records added, "Madonna is a brilliant business woman who has a natural ability for A&R. Her passion for new music keeps her ahead of all the trends. My relationship with Freddy DeMann dates back to the Brill Building/1650 Broadway School of Music. He is a seasoned and well rounded industry veteran. Maverick is the perfect vehicle for them to harness their


energies and talent. I have great expectations for the success of Maverick Records. We're all going to roll up our sleeves and make it happen."
 Robert Morgado, chairman of the Warner Music Group, added: "The formation of Maverick is much more than a new Madonna contract. Her phenomenal past success coupled with her wonderful creative and entrepreneurial acumen gives us great confidence that Maverick will be a key component in the Warner Music Group's continued position of leadership in the '90s and beyond."
 During the course of her career, Madonna has generated concert grosses and related merchandising revenues of more than $100 million. She has had nine No. 1 singles and 16 consecutive top five singles, more than any artist since Elvis Presley. Her "Blond Ambition" HBO Special was the highest rated entertainment event in cable television history and her "Truth or Dare" documentary grossed over $17 million, making it the second largest-grossing documentary in history.
 Time Warner Inc. is the world's leading media and entertainment company with interests in magazine and book publishing, recorded music and music publishing, filmed entertainment and cable television programming and operations.
 -0- 4/20/92
 /CONTACT: Liz Rosenberg of Warner Bros. Records, 212-275-4600, or Edward Adler of Time Warner, 212-484-6630/
 (TWX) CO: Time Warner Inc. ST: New York IN: ENT SU: JVN


SH -- NY015 -- 9888 04/20/92 09:29 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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