Some girls have all the luck. Only four months after music giant EMI Group PLC paid Mariah Carey almost $30 million to end her contract, the pop songstress has landed a new deal.
Universal Music Group announced Wednesday that Carey will be starting her own record label, which will be distributed through its Island/Def Jam label group.
According to MTV.com, Carey is very happy about the deal, calling it a “tremendous and unprecedented opportunity.” She is currently working on the yet-to-be-named label, but there is no word on when the LP will be released.
In April 2001, EMI signed a multimillion-dollar contract with Carey and agreed to give the singer a $20 million advance per album, a $6 million music-video production fund and about $1.5 million to promote four singles.
But in January, Carey received $28 million to walk away from her deal with EMI following the commercial flop of Glitter, which doubled as a soundtrack to her feature film debut. She also got to keep the $21 million advance she received when she signed the contract.
Although no monetary terms of her deal with Island/Def Jam have been disclosed, sources familiar with the pact told Reuters it is far below the estimated $80 million to $100 million that EMI’s Virgin Records had originally agreed to pay Carey.