Giant Records has agreed to a new long-term domestic distribution deal with Warner Music Group, putting to rest industry speculation that the label would leave the Warner family.

Giant owner Irving Azoff also recently closed several key deals, which included getting a greenlight for the first MTV/Paramount Pictures feature and inking an international distribution pact with BMG.

Azoff also has acquired a 50% interest in Gold Mountain Management. He assumed a stake in the personal-management firm for alternative acts that previously was held by Canadian firm BCL and tour merchandise firm Brockum.

And though the Giant Pictures arm was folded several months ago, sources said Azoff expects to have three pictures go before the cameras in the next 18 months, including “Exit Now,” the first feature film to bow under the MTV/Paramount Pictures venture.

Sources said studio interest in “The Fountainhead,” a project in development at Giant for two years, has also been revitalized. The pic will likely go before the cameras in 1996.

But sources said the new Warner deal had a key proviso that Azoff agree to reduce costs at the label and keep overhead and expenses at manageable levels.

Giant is expected to adjust its yearly release slate down to six to eight titles from its Nashville operation and 12 to 14 albums from its L.A. label.

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