Virgin sez yes to Blackstone joint venture

$15 mil deal follows 'Romeo' success

By DON WALLER

Virgin Records has entered into an estimated $15 million joint venture with Blackground Records, the Barry Hankerson-helmed diskery that was previously distributed by Atlantic Records.

Blackground's stable of stars includes R&B vocalist/actress Aaliyah and the producer-rapper team of Timbaland & Magoo, as well as up-and-comers Cliff Jones, Tank, Outsiderz 4 Life and Southernaire All-Stars.

The pact has been in the works for several months. The million-selling soundtrack to "Romeo Must Die," which featured Aaliyah (she co-starred in the film as well) was issued on Blackground/Virgin earlier this year.