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File photo shows Madonna during the Live
Earth concert at Wembley Stadium in London, July 7, 2007.(Xinhua/Reuters
Photo)
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BEIJING, Oct. 17 (Xinhuanet) -- Madonna has signed a multi-album, touring and
merchandizing global partnership with Live Nation Inc. Tuesday, according to a
company statement Tuesday.
The deal was officially announced in a joint
statement by Live Nation and the Material Girl and was estimated to be worth 120
million U.S. dollars over 10 years including a three-album commitment, media
reported.
The partnership between Madonna and Live Nation
encompasses all of Madonna's future music and music-related businesses,
including the new studio albums, touring, merchandizing, fan club/website, DVDs,
music-related television and film projects and associated sponsorship
agreements.
Madonna made her move after her longtime record
company, Warner Music Group Corp., refused to match the terms of the Live Nation
offer.
Madonna said in the statement that she was drawn to
the deal with Live Nation because of the changes the music business has
undergone in recent years.
"The paradigm in the music business has shifted and
as an artist and a business woman, I have to move with that shift," Madonna
said. "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 has offered me a true
partnership, and after 25 years in the business, I feel that I deserve that."
Los Angeles-based Live Nation said the deal will see
Madonna become a shareholder in the company though financial terms were not
released in the statement.
For Live Nation, the signing of Madonna was part of a
push to forge similar deals with a range of artists, from superstars to emerging
talent, under its new Artist Nation division.
"Madonna is the first step to making Live Nation into
the next-generation music company," Live Nation CEO Michael Rapino said during
an investor conference call. "We believe it should help attract additional
artists."
Madonna has been with Warner Music for 24 years,
recording first for Sire Records and, since 1990, for Warner Bros. Warner Music
congratulated Madonna in its own statement.
"She is one of the most remarkable artists of our
time," the company said, reminding her fans that Warner Music will still issue
her next album and owns her catalog of recordings from the past 25 years.
(Agencies)
Madonna nears deal to leave Warner Brothers
Records
BEIJING, Oct. 11 (Xinhuanet) -- Pop superstar Madonna
is close to leaving her long-time Warner Bros. Records label to enter a 120
million U.S. dollars deal with concert promotion giant Live Nation Inc., media
reported Thursday. Full story
