GM Savage among expected cuts.
With the Warner Music Group taking control of Maverick Records, look for the label's staff to be reduced by more than half when it moves to Warner Bros. Records' headquarters in Burbank, Calif.
Sources say only about 18 members of the Maverick staff of almost 40 will still have jobs in the new set-up. Among those expected to leave are GM Daniel Savage.
As part of a settlement to end the litigation between the two parties,WMG has agreed to purchase the separate interests held in Maverick by Madonna and label COO Ronnie Dashev, giving WMG an even larger majority stake in the label.
The label was created 12 years ago as a 50/50 venture between Madonna and her partners. Five years ago, when the deal was renewed, the split was changed to WMG owning 60%. When the new deal is signed, WMG will own more than 75%. As part of that deal, Maverick partner Guy Oseary will sign a new multi-year contract with Maverick.