By Stephen M. Silverman
Updated January 24, 2002 01:00 PM

All told, Mariah Carey will be walking away from her EMI Group Plc. contract with nearly $50 million, says estimates, when her earnings for the CD “Glitter” and her reputed $28 million severance package are factored together. The pop diva, 32, and EMI, which owns the Virgin record label to which she had signed last April in a reported $80 million deal, are ending their relationship, the company announced Tuesday. On Wednesday, Carey’s attorney, Donald Passman, told Reuters, “There are several major music labels who have been going after her since the rumors started. My sense is we’ll be talking in earnest very shortly.” News of a pending buy-out had broken on Dec. 27 of last year, but was quickly followed by a firm denial by a spokesman for the company. “EMI wishes to make clear that it has made no such payment or agreement,” the company said in a statement released Jan. 7. However, Carey’s EMI CD “Glitter,” released last summer, failed to cover the massive marketing and video costs that were demanded in her contract. It has been widely speculated that Carey will next alight upon the new J Records label of Clive Davis, the producing legend credited with reviving the careers of such talents as Carlos Santana. A spokeswoman for the label declined comment to Reuters.