Adele 'in talks to sign £80m Sony deal' that would see singer given her own label

According to reports, the singer is currently in negotiations to exit her current contract with XL Recordings after eight years

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The Independent Culture

Adele is apparently in the process of negotiating a mammoth £80million deal with Sony for her next studio album, which would also see the singer set up with her own record label.

According to reports, she is currently in negotiations to exit her contract with XL Recordings after eight years, following the hugely successful releases of 19 and 21.

If true, part of the deal  –  which would be one of the biggest in history – could see the singer embark on a world tour.

Adele’s management were thought to be asking £100million from Sony to buy her out of making her third album with XL Recordings, but the company are thought to be considering a lower offer.

“Sony want Adele and they will stop at nothing to get her,” a source told The Mirror.

“The money is absolutely huge but they hope she will sign for her own label.

 

“It means she’ll keep a higher percentage of profits from record sales and the proposed tour.

“She has never been on the road before so it will be a huge money-spinner and likely to sell out within hours.

“All of the signs are there that Adele will go to Sony and it would be a massive coup.”

The 26-year-old songwriter is already signed to Sony in the United States.

A spokesperson for Adele and Sony declined to comment on the speculation, which comes just a day after XL Recordings confirmed via a financial report that it would not be releasing the third Adele album this year.

“There will not be a further new release by Adele during 2014 and consequently there will be a fall in XL’s turnover and profits,” a statement read.

The report is also said to have shown that XL made $15 million in net profit on almost $61 million in revenue in 2013.

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