Madonna leaves Warner, signs on with Live Nation

LOS ANGELES (AP) — Madonna and concert promoter Live Nation Inc. announced a deal Tuesday that will give the company an all-encompassing stake in the music of the Material Girl, the latest big-name artist to break ranks with a major record label.

Financial terms were not disclosed in the joint statement released by Madonna and Live Nation.

The deal is worth about $120 million over 10 years, a person who spoke on condition of anonymity because of the confidential nature of the matter previously told The Associated Press.

The official announcement came after weeks of speculation that Madonna 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 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.”

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

The deal with Live Nation encompasses future music and music-related businesses, including the Madonna brand, albums, touring, merchandising, fan club and Web site, DVDs, music-related television and film projects and associated sponsorship agreements, the statement said.

Under terms of the deal, Madonna, 49, would receive a signing bonus of about $18 million and a roughly $17 million advance for each of three albums, the person said.