By Tamara Conniff and Ray Bennett
LOS ANGELES (The Hollywood Reporter) --- In an unprecedented move by a major label, Virgin Records has terminated its recording contract with diva Mariah Carey and agreed to pay her $28 million. Carey's highly publicized four-album deal with Virgin was reportedly worth about $100 million.
With the settlement, Virgin has paid Carey a total of $49 million for only one album, including the $21 million she received upon signing the deal.
The decision comes on the heels of the meager sales of Carey's Virgin debut release, "Glitter," the soundtrack to the movie of the same name, which has sold only about 2 million copies worldwide. This marks the first time a major label has opted to cut its losses rather than continue to invest in a multiplatinum artist. During Carey's tenure at Columbia Records, her global album sales surpassed the 100 million mark.
"We have decided that this is the most prudent course of action for EMI," Levy said. "We wish Mariah the best."
