Linkin Park has settled its contract feud with Warner Music Group. The popular rock act inked a reported five-album, $15 million pact with Warner Bros. Records on Dec. 27, reversing an earlier demand
Linkin Park has settled its contract feud with Warner Music Group. The popular rock act inked a reported five-album, $15 million pact with Warner Bros. Records on Dec. 27, reversing an earlier demand for release from its existing deal. As part of the agreement, Warner Bros. is reported to be paying the band an estimated 20 percent royalty rate.
Signs of melting tensions between the band and WMG emerged at the Billboard Music Awards when guitarist Brad Delson told Billboard.com that "we're resolving our differences and we're looking forward to putting out a record next year." The rift first surfaced on the eve of WMG’s initial public offering in early May.
Linkin Park, which is managed by The Firm, put the brakes on its next album, publicly citing concerns about the competitive impact of company's aggressive cost cutting strategy, and WMG's planned use of proceeds from its IPO.
The two sides at the time were believed to be far apart on talks concerning a new deal for the band. Linkin Park's camp was seeking a new contract worth $60 million; WMG was offering a 5-album deal at $3 million per album, sources say. Linkin Park still owed four albums on its existing contact.
Linkin Park has sold more than 35 million records worldwide in just 5 years. Its last full-length release, 2003's "Meteora," sold more than 10 million copies worldwide.