NEWS
August 25, 1996 | By CHUCK PHILIPS, TIMES STAFF WRITER
R.E.M., the hottest free agent in the music business, signed a five-album contract Saturday with Warner Bros. Records worth an estimated $80 million--the largest recording contract ever awarded, sources said. The Grammy-winning band's deal surpassed the $70-million mark achieved seven months ago by pop diva Janet Jackson as well as other mega-deals by such superstars as Michael Jackson and Madonna, whose six-album pacts included film and joint venture record label components.