THEY CALL THE WINDFALL MARIAH
The pact, which was signed Friday (3/30) and calls for a $23.5 million advance per album, will see the artist leave Sony Music, where her records have cumulatively sold over 100 million units worldwide.
Carey owed one album on her previously existing contract with Sony, which was going to be the soundtrack to "All That Glitters," in which she makes her feature-acting debut. To make the Virgin deal, Carey bought back the rights to "All That Glitters" for about $10 million plus an override. Said soundtrack will now be her first album for Virgin in the five-album deal and has been slated for a summer release. The film, distributed by 20th Century Fox, is directed by Vondie Curtis-Hall and will be released at the end of the summer.
As part of the deal, Sony Music will retain distribution rights to Carey's next release in Japan, while Virgin will get the rest of the world.
Through her years at Sony, Carey has been a consistent top seller, with her best topping out at 24 million worldwide, while her latest, "Rainbow," sold 6.8 million units. In the United States, her top-selling album surpassed 9 million units, while her last studio disc clocked in at just over 3 million.
"Mariah Carey is one of the most talented artists in the world," reads Sony's part of a joint statement following the announcement. "We have shared many commercial and creative successes, and we wish her only the best as her career continues to grow and evolve. We look forward to working with her on future endeavors, including the release of the 'Glitter' soundtrack in Japan and the reissue of her amazing catalog of albums."
For her part, Carey proclaimed: "We've shared enormous successes together, and I'm grateful to both Columbia Records and Sony Music and their employees worldwide for all their efforts."
Insiders were surprised by how quickly the Virgin-Carey deal was completed. Carey joins a stable of artists that includes such similar divas as Janet Jackson and Aaliyah.
Carey's deal was brokered by music attorney Don Passman, who also handles Jackson, Virgin's Nancy Berry and EMI's Ken Berry.
