Leverage [11:26 am]
Less than eight months after issuing a stinging, public vote of no-confidence in its record company, Warner Music Group, the multiplatinum rap-rock act Linkin Park has signed a lucrative new pact with the recording giant. The six-member Los Angeles band and its management company, the Firm, last week reached a deal with Warner calling for an estimated $15 million advance for the group’s next album, executives involved in the contract negotiations said. The pact provides the company’s Warner Brothers Records unit with an option for up to five more albums from the band, one more than had been called for in their original deal.
Warner also agreed to increase the musicians’ royalty rate to an estimated 20 percent. The next Linkin Park CD, still untitled, is expected to be released as early as mid-2006.
[...] Linkin Park joins a long list of major acts who have publicly threatened or taken legal action against their label only to back down after receiving a hefty check. Acts like the Dixie Chicks, Beck, Incubus and Don Henley have traveled the same path.