Madonna has never been afraid to try new things, and her latest move is no exception.
The 49-year-old singer has left Warner Music Group in favor of entering into a global partnership with Live Nation, worth a reported $120 million over 10 years.
Madonna will become the founding artist in the company's Artist Nation division, formed to provide entertainers with a direct connection to their fan bases and a way to manage their diverse rights.
"The paradigm in the music business has shifted, and as an artist and a businesswoman, I have to move with that shift," the Material Girl said in a statement. "For the first time in my career, the way that my music can reach my fans is unlimited. I've never wanted to think in a limited way, and with this new partnership, the possibilities are endless."
The deal encompasses all of Madonna's future musical endeavors, including studio albums, touring, television and film projects, fan club, Website and merchandising.
"Who knows how my albums will be distributed in the future? That's what's exciting about this deal—everything is possible," the singer added. "Live Nation has offered me a true partnership, and after 25 years in the business, I feel I deserve that."
Sources familiar with the deal told the Wall Street Journal Madonna would receive a $17.5 million advance up front, as well as $50 million to $60 million advance payments for three studio albums.
If and when the singer decides to tour again, she is expected to be allotted 90 percent of the profits, with the remaining 10 percent going to Live Nation, which will reportedly shell out $50 million in cash and stock for the right to promote her concerts. Profits from licensing ventures that use Madonna's name and image are expected to be divided equally between the artist and the company.
Before cutting ties with her longtime label, Madonna still owes Warner another studio album and a greatest-hits collection.
"I have an album coming out with them next year, and I'm excited about it. We still have work to do together," she said.
Developing story. More to come.