Reportedly, Mariah Carey has every intentions to create her own record label. The crooner has been without a label since January 2002. Virgin Records ended her deal after Mariah’s album/soundtrack for the movie ‘Glitter’ slumped big time. It is said that Mariah received a whopping $49 million payout to leave the label.

Don Passman, attorney to the star, said that the new label Mariah’s hoping to establish will not only feature Mariah’s incredible talents, but other artists’ too. (Think Madonna’s successful Maverick label.)

If the ‘Never Too Far’ singer does decide to form her own company, it will be her second chance at managing a whole roster of artists as well as her own career. In 1997, Mariah created Crave Records together with her ex-husband’s label, Sony Music. Crave Records was home to acts such as S.O.A.P and Allure. However, Crave was shut down one year later when Mariah divorced her husband, Tommy Mottola.