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Thursday, October 11, 2007
Washington (ANI): Madonna is reportedly about to leave her long-time label Warner Music Group in favour of a 120 million dollar deal with Live Nation Inc. The 10-year deal will bring Madge cash, stock options and a one-stop shop for recording, touring, licensing and merchandizing deals. According to the Wall Street Journal, the Live Nation Inc. deal also includes an advance of 17.5 million dollars, as well as advance payments of 50 to 60 million dollars for three studio albums, reports E!Online.
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.
However, Warner Music Group will not be left without anything, for it will retain the rights to Madonna's song catalog dating back more than 20 years. "Warner has demonstrated extremely savvy financial discipline with regard to the deals it enters into and, as importantly, the deals it doesn't enter into," E!Online quoted Brian Posner, chief executive of one of Warner's shareholders, as telling the Wall Street Journal.