Singer could sign £60 million deal
Madonna is rumoured to be close to signing a £60 million recording and touring deal with Live Nation Inc.
The singer will leave Warner Brothers Group Corp, her label since 1982.
An unnamed insider, who was part of Madonna’s management team said that she would accept Live Nation’s offer after Warner’s failed to match the deal.
It would be a 10 year, three album deal and unique input into her tours.
She is also set to receive a bonus of £9 million and roughly £8.5 million advance for each of three albums she is contracted for her new label.
However Madonna’s contract with Warners still calls for her to deliver one more studio album, expected next year, and a greatest hits record.
Live Nation will also get exclusive right promote the singer’s tours.
Warner retains the rights to sell and license her catalog of hits such as ‘Like a Virgin’ and ‘Music’, reports Yahoo.
–By our New York staff.