»   »   »  Madonna offered 120 million dollar deal

Madonna offered 120 million dollar deal

Posted By: Super Admin
Subscribe to Filmibeat
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    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.

    Get all the buzzing scoop from the world of entertainment - Filmibeat

    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Filmibeat sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Filmibeat website. However, you can change your cookie settings at any time. Learn more