Madonna signs lucrative deal with Live Nation

The Queen of pop Madonna on Tuesday announced a landmark $120 million, 10-year deal with concert promoter Live Nation Inc., marking an end to her relationship with her longtime label, Warner Brothers.

The deal gives the Beverly Hills, California-based concert touring company rights to all her music-related projects, including new albums, tours, merchandise, websites, DVDs, sponsorship, TV shows and films.

The Italian-American pop singer has cemented his status as a first major star to choose an all-in-one agreement with a tour company over a traditional record deal with her decade-long pact with Live Nation.

The announcement came just days after the 49-year-old music superstar announced her plans to end her 24-year relationship with Warner Music Group Corp.'s Warner Bros. Records, the world's third-largest music company.

Under the deal, the concert-promotion giant would handle Madonna's record releases, her touring and merchandising, and in return the US pop sensation and heart throb of millions, the super sexy Madonna would get a lucrative mix of cash and stock.

"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 in a joint statement with Live Nation. "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."

On their deal with the music superstar, Live Nation's President and Chief Executive Officer Michael Rapino said, "Our partnership is a defining moment in music history. I am thrilled that Madonna, who is also now a shareholder in our company, has joined with us to create a new business model for our industry."

Although, financial terms of the deal are not yet known, but media reports cited an inside source as saying that Madonna would receive a signing bonus of about $18 million and a roughly $17 million advance for each of three albums.

Madonna, the raging beauty, is an American pop singer, musician, record and film producer, dancer, actor, and children's author. Referred to as the ‘Queen of Pop’, she is noted for her innovative music videos, elaborately mounted stage performances, and use of political, sexual, and religious themes and imagery in her work.

In 2000, The Guinness Book of Records credited Madonna as the most successful female recording artist of all time, with estimated worldwide sales of 120 million albums.

As a singer, she has won great accolades; success in acting has been varied, but mostly heavily panned by critics. She was presented with a special Razzie award in the year 2000 as ‘Worst Actress of the Century’.

The hot and sultry beauty has always been in headlines due to her controversial acts on the stage. The multi-Grammy Award winning artist last year sparked controversy during her Confessions Tour when she used religious symbols such as the crucifix and crown of thorns in her performance of "Live to Tell." She also has received criticism from animal rights groups for wearing fur coats and in the past, was criticized for renting out her house for hunting parties.

On December 22, 2000, Madonna married British director Guy Ritchie, whom she had met in 1999 through mutual friends, Sting and his wife Trudie Styler. Madonna gave birth to a son, Rocco John Ritchie, on August 11, 2000. She currently resides in Wiltshire, England with Ritchie and her three children, Rocco, an adopted son David Banda and a daughter Lourdes, fathered by her personal trainer, Carlos Leon.