New book tells how Madonna was beaten by Warners

[HMG] – Like most performers, Madonna has a career that is founded on ego. But that unbroken love affair hit a wall when the singer met Edgar Bronfman.

A new book “Fortune’s Fool: Edgar Bronfman Jr., Warner Music, and an Industry of Crisis,” tells one story Madonna won’t leak to the press — How in 2004 she demanded $200-million from Warner Music for her stake in Maverick Records — and settled for $17-million.

Madonna formed Maverick in 1992 when she still had a career, then signed people like Alanis Morissette and Prodigy. But by 2003 the label was well past its prime. Madonna demanded $60-million from Warners for her 30% stake, but Warner’s just laughed – That was at least four times its true value.

In March 2004, Edgar Bronfman closed a deal to buy Warner Music, and Madonna’s demands became his first headache. Just three weeks later Madonna’s attorney, Allen Grubman told Edgar he had 24-hours to pay or Madonna would sue. And her price was now $200-million.

“This is nuts!” Bronfman replied. “Give us some time.”

But Madonna was determined to win – and bleed them dry – so Edgar got Warners’ lawyers to sue her first. That upset the former singer, who promptly filed her own lawsuit, still demanding $200-million and accusing Warners of ‘treason.’

On June 14th of 2004 she sold them her Maverick shares for just $17-million.

Three months later Edgar and Warner’s Chairman, Lyor Cohen gave Madonna a peace offering — The three met and she was presented with a small diamond bracelet.

“She was like a little girl,” Bronfman recalls in the book. “‘It broke the ice.’”

The singer promptly repaid this indulgence by signing a ten-year contract with Live Nation, at $12-million a year.

You can read the full story, and many like it when the book reaches stores at the end of this month…

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