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November 22, 2008 9:30:42 CST

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Live Nation Divided Over Mega Deals

Posted Jun 12, 08 1:39 PM CDT in Arts & Living,  Business 

(Newser) – Two top execs at music giant Live Nation are squabbling over how quickly to move forward with the enormous new deals they've been striking with artists in an attempt to reshape the failing business, the Wall Street Journal reports. The CEO wants to wait and see how current contracts—which give the company exclusive rights over concerts, recordings, and merchandise—pan out; the chairman wants to race ahead and snap up other artists.

Live Nation has given Madonna $120 million and Jay-Z $150 million in recent agreements, known as "360 deals." Chairman Michael Cohl has threatened to leave the company, and has only recently resumed speaking to CEO Michael Rapino. The company's stock has taken a hit, but other industry giants have cautiously begun to follow the model.

Source Wall Street Journal

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Live Nation Inc. CEO Michael Rapino, seen here backstage at a Los Angeles venue in an undated photo provided by Live Nation.   (AP Photo)
Madonna has signed a $120 million recording and touring deal with live entertainment promoter Live Nation Inc.   (AP Photo/Anthony Harvey, file)
Live Nation and Jay-Z reached a $150 million deal that gives the concert promoter a stake in virtually every aspect of the rapper and entrepreneur's career.   (AP Photo)
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