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The label was founded in 1992 by Madonna, Frederick "Freddy" DeMann and Veronica "Ronnie" Dashev. The word Maverick is an acronym combined from the names of three of the founders; MAdonna, VEronica and FredeRICK. DeMann was bought out of the company in 1998, with Madonna and Dashev leaving in 2004 as part of the settlement of a lawsuit between Maverick and Warner Music Group.
Active from the early 1990s through the middle 2000s, the label scored its more notable success with acts such as Alanis Morissette, Michelle Branch, The Prodigy, Deftones and Candlebox. Since 2008, however, the label has been in hibernation, with its retained acts now recording for Warner Bros. directly. In 2014, the brand was revived as a management group founded by former label Chairman and CEO Guy Oseary with Live Nation Entertainment.