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Mariah Carey and EMI Part Ways
January 23, 2002 — Mariah Carey and EMI's Virgin Records
announced today the amicable termination of their multi-album contract. The
settlement provides for the payment by EMI to Ms. Carey of $28 million. Ms.
Carey retains $21 million previously paid to her or for her benefit, when the
contract was originally made in April 2001.
Ms. Carey stated: "This is the right decision for me. I look forward to
the many new and exciting opportunities, which have now been presented to me.
I wish Virgin well."
Alain Levy, new Chairman & CEO of EMI Recorded Music, said: "We have
decided that this is the most prudent course of action for EMI. We wish
Mariah the best."
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