Mariah Carey nears new deal
Mariah Carey, the music star who was paid $28 million in January to end her contract with Virgin Records, is in advanced negotiations with several other labels, a newspaper reported Friday. Although industry experts predicted she would take a few months off, Carey said she was near a deal, the New York Times reported.
According to the report, Carey is considering deals with Universal Music Group's Island Def Jam, which represents Jay Z and Nickelback, and Warner Music Group, which, like CNN/Money, is a unit of AOL Time Warner (AOL: Research, Estimates). Terms being discussed are as little as $5 million in advance for each album, and include fewer albums, people close to the negotiations said.
EMI signed Carey to its Virgin Records label last year in one of the most expensive recording contracts ever - about $80 million for four albums. Carey left the record company after a difficult year, during which her "Glitter" album and movie of the same title were poorly received. The "Glitter" duo came out after the singer was hospitalized last summer for a much-publicized breakdown.
The Grammy-winning singer made her debut in 1990, and has released nine albums on the Columbia/Sony label, selling more than 150 million singles and albums worldwide. In April 2001, she left the Columbia/Sony label for the Virgin label. (CNN Money)
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