Madonna inks $120 million deal with Live Nation

LOS ANGELES - Madonna and concert promoter Live Nation Inc. formally announced a deal yesterday that will give the company an all-encompassing stake in the music of the Material Girl, the latest big-name artist to break ranks with a major record label.

The deal is worth about $120 million over 10 years, a person who spoke on condition of anonymity told the Associated Press. Financial terms were not disclosed in the joint statement released by Madonna and Live Nation.

The official announcement came after weeks of speculation that Madonna would abandon Warner Music Group Corp., which refused to match the Live Nation deal.

The singer still owes Warner Bros. Records another studio album and a greatest hits album.

The anonymous source said the deal gives Madonna, 49, a signing bonus of about $18 million and a roughly $17 million advance for each of three albums. *