After signing a $120 million recording and touring deal with Live Nation Inc., Madonna is leaving Warner Music Group Corp. behind, according to a press release from the Queen of Pop.
For weeks it was rumored that the 49-year-old singer was leaving her label of 25 years, and yesterday she confirmed that she signed the contract with the new company. Although the official press release doesn’t include financial details, a person involved with the deal told AFP agency that Madonna signed a 10-year contract for the amount.
The new label will profit from concerts, merchandise, movies and any other project Guy Ritchie’s wife might do. “Bringing all the varied elements of Madonna’s stunning music career into the Artist Nation and Live Nation family, moves her future and the future of our company into a unique and extraordinary place,” said Live Nation CEO Michael Rapino.
Madonna expressed that changes in the music industry in recent years led her to seek out new options. “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 Material Girl explained.
Under the terms of the deal, the superstar will receive an $18 million signing bonus and a $17 million advance for each of three upcoming albums. She’ll also be compensated as a stockholder of the company.
Warner Bros. Records still has its hand in some Madonna business, though. The singer’s contract requires that does one more studio album and another greatest hits album with the company.