Madonna signs $120m record deal

Madonna, who was recently in talks to sign a $120 million contract with promoter Live Nation, has reportedly closed the deal with the company today.

Madonna, whose hits include 'Like a Prayer', 'Music' and 'Like a Virgin' is the first major artist to choose an all-in-one agreement with a tour company over a traditional record deal.

The deal gives Live Nation the rights to all of Madonna's music products - including new albums, merchandise, websites, DVDs, sponsorship, TV shows and films.

The deal - which is said to be worth around $120 million over years, will see an end to her 25-year relationship with her current label Warner Music, where she has been her entire career & has sold more than 200 million records and CDs.

According to BBC news, Madonna said: "The paradigm in the music business has shifted and as an artist and a businesswoman, I have to move with that shift"

Live Nation's CEO, Michael Rapino commented that the company had created a "new business model for our industry".

"Madonna is a true icon and maverick as an artist and in business," he said. "Our partnership is a defining moment in music history."

Madonna has become a shareholder in the company, the statement said, but further financial details were not provided.

As previously reported, Madonna is required by the terms of her current contract with Warner to make another album - which is due next year.

Warner will also retain the rights to sell and license her back catalogue of hits such as Like a Virgin, Vogue and Music.