Interscope Records prexy Tom Whalley, who abruptly ankled his post Friday in the midst of contract negotiations with label founders Ted Field and Jimmy Iovine, has apparently decided to stay at the potent label.
Sources said he reached agreement late Monday on the outstanding terms of his prexy pact that he hadn’t yet signed following his ascension to the post late last year.
Whalley, who has been with red-hot Interscope since it opened its doors in 1990, is credited with signing Primus and the Wallflowers, among others, to the label.
Sources said open terms in his pact included his fate if and when Universal Music Group acquires the other half of the label. The conglom already owns half.
Whalley was elevated to the top spot last year, and has since been overseeing Interscope’s day-to-day operations, though he never closed his prexy pact with the label.
Interscope is among the industry’s hottest labels, thanks to the success of such acts as the Wallflowers and Blackstreet.
None of the parties involved could be reached for comment.