London
(ANI):
Madonna
has
confirmed
that
she
will
be
leaving
long-time
label
Warner
Music
Group
in
favour
of
a
deal
with
Live
Nation
Inc.
The
10-year,
120
million
dollar
deal
will
bring
Madge
cash,
stock
options
and
a
one-stop
shop
for
recording,
touring,
licensing
and
merchandizing
deals.
The
deal
also
brings
to
an
end
a
25-year
relationship
with
Warner.
Madonna,
the
first
performer
in
Live
Nation's
new
Artist
Nation
division,
said
the
deal
offered
her
the
chance
to
explore
the
endless
possibilities
in
the
ever-changing
world
of
music.
"The
paradigm
in
the
music
business
has
shifted
and
as
an
artist
and
a
businesswoman,
I
have
to
move
with
that
shift," the
BBC
quoted
her,
as
saying.
"For
the
first
time
in
my
career,
the
way
that
my
music
can
reach
my
fans
is
unlimited.
I've
never
wanted
to
think
in
a
limited
way
and
with
this
new
partnership,
the
possibilities
are
endless."
Live
Nation
chief
executive
Michael
Rapino
said
that
the
deal
was
a
'defining
moment
in
music
history" and
said
that
they
had
created
a
"new
business
model
for
our
industry".
"Madonna
is
a
true
icon
and
maverick
as
an
artist
and
in
business.
Our
partnership
is
a
defining
moment
in
music
history,"
he
said.
According
to
a
statement
released,
Madonna
has
become
a
shareholder
in
the
company.
However,
further
information
was
not
provided.
Sources
revealed
that
under
the
new
deal,
Madonna
will
get
to
keep
90
percent
of
the
grosses
if
and
when
she
tours
again.
Live
Nation
will
keep
the
remaining
10
percent
going,
and
is
expected
to
shelve
out
50
million
dollars
in
cash
and
stock
for
the
right
to
promote
her
concerts.
Profits
from
products
that
utilize
Madonna's
name
and
image
and
other
licensing
ventures
will
be
split
evenly
between
artist
and
company.