LOS ANGELES -- Madonna intends to sign a $120 million recording and touring deal with live entertainment promoter Live Nation Inc., according to a person familiar with contract negotiations between the pop superstar and her longtime record company, Warner Music Group Corp.
The person, who spoke on condition of anonymity because of the confidential nature of the matter, said Wednesday that 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 last contract with the New York-based company calls for her to deliver one studio album and a greatest hits record.
Warner Music and Live Nation declined to comment. A call to Madonna's publicist was not immediately returned.
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