October 11, 2007 18:02
Madonna reportedly set to ditch record label Madonna Tickets
Could she sign a unique deal?
Madonna is apparently on the verge of leaving her longtime label Warner Music for a $120 million ten year deal with concert promotion leviathan Live Nation.
Although she still has one album left in her deal to deliver to Warners, Madonna is reportedly close to signing on the dotted line.
The deal with Live Nation would provide her with a mix of cash and stock in exchange for the rights to sell three albums, promote her tours, sell merchandise and license her name.
This is a departure from the usual framework, in which albums and concert promotion are handled by separate entities.
According to The Wall Street Journal, Madonna's last two Live Nation-produced tours have grossed $400 million, but industry pundits speculate that in order for Live Nation to make a profit from this new deal, Madonna would have to sell around 15 million copies of each of these future three albums.
Warners would retain the rights to her back catalogue.
--By our New York staff.
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