Time Warner decided to unload its music operations. In March 2004, Time Warner's music assets were acquired by a private equity group headed by Thomas H. Lee Partners, Lexa Partners (led by Edgar Bronfman Jr., who put up US$150 million drawn from his family's stake in Vivendi), Bain Capital and Providence Equity Partners. The deal included an option that would allow Time Warner to buy back in if conditions proved favorable. Bronfman, Lee, Bain and Providence had reportedly recouped their investment by May 2006 through dividends, refinancing and a share offer floated in May 2005. The sale was followed by a major restructure over the first half of 2004, which wad aimed at slashing $27 million from the company's budget. The cost-cutting measures included more than 1000 staff layoffs worldwide, the dropping of 80 artists, comprising more than half the Warner roster, and the restructuring of the company's two "boutique" labels. Elektra was folded into Atlantic, and its sub-label Nonesuch was absorbed into the Warner Records label, although Elektra would be revived as an active label five years later. The restructure period was also marked by a short but widely publicised dispute between Warner and Madonna—although, notably, the label made public efforts to distance the dispute from their regular dealings with Madonna, who remained signed to Warner as a solo artist. Following the private buyout of the music group, Madonna began talks with Warner management to dissolve the joint venture partnership in Madonna's Maverick label, to allow the label to work with other companies. Founded in 1992, Maverick had scored a major success in 1995 with Alanis Morissette's Jagged Little Pill, and Madonna and her two partners, Guy Oseary and Ronnie Dashed, jointly held a controlling 60% stake. After the talks broke down, the trio sued the company; they alleged mismanagement, improper accounting and profit-taking, claiming that Maverick had earned $100m in profit for the group, and seeking to recover $200 million in alleged lost revenue, but the suit was settled in June that year, with Madonna selling most of her stake in Maverick to Warner for just $10 million. In 2005, following the global restructure, Warner Music Australia scored a major coup when it acquired the assets of the Australian Festival Mushroom Group. That company had originated as Festival Records in Sydney in the 1952, and after its acquisition by Rupert Murdoch in 1961, Festival became one of the