Virgin, Carey Part Ways

As speculated for weeks, Mariah Carey and EMI/Virgin Records have parted ways to the tune of $28 million which the label paid to Cary to get out of its multi-album, multi-million-dollar contract with the singer. In addition, Carey gets to keep the $21 million she received when the deal was signed in April 2001.

"We have decided that this is the most prudent course of action for EMI," said new company chairman and CEO Alain Levy. "We wish Mariah the best."

"This is the right decision for me," said Carey. "I look forward to the
many new and exciting opportunities, which have now been
presented to me. I wish Virgin well."

Carey joined Virgin after 10 years at Columbia
Records.

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