Madonna has sold her Maverick Records label, 12 years after she founded it. The Material Girl owned 60 per cent of Maverick with her partners Guy Oseary and Ronnie Dashev, while Warner Music Group owned the remaining 40 per cent.

Madonna has now agreed to let Warner Music executives buy her out of her contract - just months after Maverick took legal action against the firm and its former parent company, Time Warner, alleging breach of contract and mismanagement.

Warner Music responded by filing its own lawsuit against Maverick.

However, according to Maverick lawyer Bert Fields, the 49-year-old will continue to record for Warner Music.

He says, "It was an effective way of settling the lawsuit. It's clean and equitable, and it doesn't have anything to do with her record contract."

Maverick artists include Alanis Morissette, Erasure and The Prodigy.

-Madonna Pictures

(This news article provided by World Entertainment News Network)