LOS ANGELES (CelebrityAccess MediaWire) — Live Nation has reportedly closed the long-rumored "360" deal with Latin powerhouse, Shakira, placing the singer alongside of artists such as Jay-Z and Madonna.
According to the New York Post, the deal may be worth as much as $70 million for the Colombian singer in a deal that would encompass touring, recording and merchandising. The recording aspect of any deal with the singer would need to be delayed as she has yet to fulfill all of her contractual obligations to her current label, Sony-BMG.
Shakira is a force to be reckoned with in the live music biz and is one of the most successful artists of the decade, with her most recent album, 2005's "Oral Fixation 2" having sold more than 9 million copies, contributing to her overall sales of more than 50 million albums worldwide in the last decade, according to BMI.
The completion of the deal between Live Nation and Shakira comes hot on the heels of the departure of former Chairman Michael Cohl from the firm. Cohl had reportedly been one of the driving forces behind the mammoth deals and many observers have cited his aggressiveness in pursuing them as a major point of the friction that led to his departure. Tantalizingly, Live Nation CEO Michael Rapino had stated during a recent interview that LN was looking to land approximately four 360 deals during 2008 and if Shakira signs on the dotted line, that would make three thus far. – CelebrityAccess Staff Writers