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Kravitz extends pact with Virgin

New album skedded for end of year release

NEW YORK — Multiplatinum-selling rocker Lenny Kravitz has renewed his long-running contract with Virgin Music Group.

Financial terms weren’t disclosed, but Kravitz will deliver his first album under the new deal (and his seventh for Virgin) later this year. Kravitz has been with Virgin for his entire 12-year career in the biz, beginning with his 1989 debut, “Let Love Rule.”

Kravitz’s greatest-hits retrospective, which bowed in October, was Virgin parent EMI’s No. 2 bestselling release of the past year (behind the “Beatles 1” compilation), selling nearly 8 million copies to date, including 3 million in the U.S.

Deal for Kravitz, who has sold more than 25 million records worldwide, marks the second major investment in talent that Virgin has made in the last few months. In April, the imprint reportedly dropped more than $80 million to woo former Sony diva Mariah Carey.

The release of Carey’s first Virgin album – the soundtrack to her upcoming film “Glitter” – was delayed, however, while the superstar chanteuse recovers from an emotional and physical breakdown she suffered a few weeks ago.