Sony is reportedly thisclose from signing a $60 million deal with Live Nation that would enable the concert promoters to record and release Shakira‘s next albums. Historically, Live Nation had to pair up with record companies to implement its 360 deals, which govern the revenue from sponsorships, merchandise, concerts and recorded music. Jay-Z and Madonna are two artists who’ve recently ditched standard record backers to go the Live Nation route.
Under the terms of the deal, Sony and Live Nation would split sales, according to The New York Post‘s insider. Sony would then serve as the distributor for Shakira’s next three albums.
Insiders quibble on the exact details of the deal — some say it’s $60 million, while others say it’s less than that. Madonna’s deal with Live Nation for MDNA was rumored to be around $30 million.