New home for Material Girl
16/10/2007 20:01  - (SA)  

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Los Angeles - Madonna and Live Nation announced a deal on Tuesday that will give the concert promoter a stake in her albums, tours, merchandising, films and other music-related projects.

Financial terms were not disclosed in the joint statement released by Madonna and Live Nation. A person familiar with the agreement previously told the Associated Press it was worth about $120m over 10 years.

The official announcement came after weeks of speculation that the Material Girl would abandon Warner Music Group Corp, which refused to match the Live Nation deal.

Madonna said in the statement that she was drawn to the all-encompassing 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."

The singer still owes Warner Bros Records another studio album and a greatest hits album.

- AP

- SAPA

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