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Thursday, October 18, 2007
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.