Well it's not official yet, but the WSJ is reporting that she's close to signing up with Bev Hills concert promoter Live Nation in a $120 million deal. The 10-year agreement, which seems mighty risky for any number of reasons (er, Madonna is nearing 50), would involve cash and stock in exchange for the rights to sell three albums, promote concert tours, sell merchandise and license her name. The move to Live Nation, which has been rumored for a few months now, is the latest example of how much power the major record labels have lost. The Journal story notes that Warner was so desperate that it enlisted Ticketmaster parent IAC/Interactive to help counter Live Nation's offer. The irony is delicious; Live Nation dropped its ticket-sales contract with Ticketmaster, presumably to go at it alone. From the Journal:

Traditionally, acts like Madonna would release their recordings through a major record label and then make separate deals for touring and merchandising with other companies. Now, however, all the players in the music business -- labels, concert promoters and even managers and ticketing companies -- are eager to make broad deals that give them a piece of the whole pie by participating in revenue streams such as endorsement deals between artists and advertisers, as well as the sales of concert ticket and merchandise. Madonna, at 49 years old, has managed to capitalize on those forces to make an extraordinarily rich deal. According to people briefed on the deal, the package includes a general advance of $17.5 million and advance payments for three albums of $50 to $60 million.