Madonna Signs a Multi-Million Dollar Deal with Interscope
Madonna has signed a record deal with Interscope Records rumored to be valued at $20 to $40 million.
According to Reuters, the Material Girl has signed a deal that will allow the major label, headed by Jimmy Lovine, to release the albums which were originally contracted to Live Nation Entertainment.
Madonna left Warner Music Group, with whom she has had a 24 year relationship, to sign a $120 million, 10-year deal with Live Nation Entertainment which includes touring, ticketing, merchandise, digital assets, and three albums.
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An undisclosed source familiar with the terms of the massive deal told Reuters it could be worth anything between $20 million and $40 million for the pop singer and Live Nation combined.
Live Nation executives predicted its Madonna deal was a sign of change in the struggling recording industry and that the deal would eventually render traditional labels obsolete. But that never happened. Instead, Live Nation's concert and ticketing business fell victim to the economic recession.
Since Live Nation’s 2007 deal with Madonna, its shares have fallen over 60 percent. In February 2010, Live Nation scrapped its deal to merge with the world's largest ticketing company, Ticketmaster.
Madonna is releasing her first album with Interscope in the last week of January. This will be her first studio album in five years. She will appear in the Super Bowl halftime show to perform her first single "Gimme All Your Luvin," on Feb. 5, 2012. The star is also set to release the new movie she directed, “W.E.,” on Feb 3. The feature film about Wallis Simpson, who married King Edward VIII and gave up the British throne, received two Golden Globe nominations.
“W.E." was nominated for Best Original Song and Best Original Score. The 69th Annual Golden Globes will air live on Sunday, Jan. 15, 2012 at 5 p.m. on NBC.
