Warner Music Looks to Complete Giant Records Deal

Warner Music Group is in negotiations to purchase the remaining 50% stake of Giant Records, the Burbank label that is home to best album Grammy winner Steely Dan.

Giant owner Irving Azoff is scheduled to meet with Warner chief Roger Ames next week to discuss a possible sale, sources said. It is unclear how much Warner is willing to pay for the portion of the company it does not already own. Azoff has been considering selling his share since he began expanding his artist management business last year.

As part of its restructuring after merging with America Online, Warner also is considering buying out Madonna and other owners of Beverly Hills-based Maverick Recording Co., or ordering cuts at the label, sources said. Warner put up an estimated $10 million to launch the label as a joint venture with Madonna in 1992. A Warner spokeswoman declined to comment.