Madonna To Sever Warner Bros Ties For New $120 Million Deal

03/28/2008 02:45 am ET | Updated May 25, 2011

Madonna intends to sign a $120 million recording and touring deal with live entertainment promoter Live Nation Inc. and leave her longtime record label at Warner Music Group Corp., a person familiar with the contract negotiations said Wednesday.

The pop superstar's management informed Warner last week that she would accept Live Nation's offer after the record company refused to match the deal, said the person, who spoke on condition of anonymity because of the confidential nature of the matter.

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