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Shakira In Talks For Huge Deal With Live Nation
July 01, 2008 , 5:30 PM ET
Yinka Adegoke, Reuters
Latin superstar Shakira is in talks with concert promoter Live Nation for a contract that will include touring, merchandising and recording, according to people familiar with the talks.
The Colombian-born songstress is expected to complete a multimillion-dollar deal with Live Nation before the end of the year, after months of talks.
The New York Post reported today (July 1) that the so-called 360-degree deal could be worth up to $70 million, though one person close to the artist said she should be worth more based on her recent touring success.
Live Nation's strategy is to expand its business beyond handling artists' touring to also offer recording, merchandising, ticket sales and other services that have traditionally been handled by disparate companies.
Live Nation already has a touring relationship with Shakira, having handled the U.S. leg of her "Oral Fixation" tour last year. People familiar with the global tour said it had grossed over $100 million.
Shakira's recording rights currently belong with Epic. The 31-year-old still has two more studio albums to deliver -- one in English and the other in Spanish -- under the Epic contract, as well as a greatest hits album.
Last year, Live Nation signed Madonna to a similar 360-degree deal for $120 million over 10 years. It has also signed deals with rapper Jay-Z and rock act U2, although the latter does not include recording rights.
This article has been posted by: xxjohnxx
Posted at 07/02/2008.
Original article can be found here.
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