Madonna to sign $120 million recording deal

Madonna is reportedly set to sign a new recording deal which is said to be worth around $120 million.

It has also been reported that the singer is leaving her long-time record company Warner Music Group after receiving the huge offer from live entertainment promoter Live Nation.

A source close to the deal said:  "Madonna's management told Warner last week that she would accept Live Nation's offer after the record company refused to match the deal."

Madonna's current contract with Warner states that she has to make one more studio album and a greatest hits record.

Madonna's proposed new 10 year deal with Live Nation l promises the 49-year-old 'Don't tell me' singer a signing bonus of around $18 million and a $17 million advance in cash and stocks for each of the three albums stipulated in the contract.

Live Nation would own the rights to sell Madonna's merchandise and license her name, and any profits will be split between the singer and the company.

They would also have to pay $50 million in cash and stock to promote Madonna's tours.

In a bid to compete with the Live Nation offer, Warner pursued a possible partnership with website Ticketmaster, which would have enabled them to offer a range of touring services to Madonna.

Reps for Warner, Live Nation & Madonna have all refused to comment.