EMI/Virgin Looking To Buy Out Mariah Carey Contract

The Los Angeles Times reports EMI Group Plc, parent company of Virgin Records, is looking to buy out the contract of Mariah Carey, which is reportedly in the $80-$118 million range. The label would give Carey a multimillion dollar settlement in return for her agreement to bail out of the label. Representatives for Carey, EMI, or Virgin Records could not be reached for comment.