Madonna is set to leave traditional record labels behind for an all-encompassing deal with concert promoter Live Nation, the Wall Street Journal reports. The Material Girl will bank $120 million; Live Nation gets three studio albums, the right to promote her concert tours, and various merchandising opportunities during a 10-year deal that seems certain to shake the music industry.
Madonna, 49, is jumping from Warner Bros. Records, though the label still has her on the hook for one more album. With the music industry in upheaval, and artists like Radiohead rejecting them entirely, record companies have been seeking deals of just this kind. That a concert promoter should land an act of Madonna's stature is unprecedented—but by no means without risk.