Nickelback Sign 360 Deal with Live Nation

July 8, 2008 9:00 AM ET

Nickelback have signed a three-album/three tour 360 deal with Live Nation, joining a roster that already includes Madonna, Jay-Z and Shakira. The contract is estimated to be worth between $50-$70 million. In terms of numbers, Nickelback may be the safest bet Live Nation has invested in so far, as the band's most recent album All the Right Reasons has sold roughly ten million copies worldwide, and their latest tour of North America and Australia grossed more than $67 million. However, Nickelback still owe their current label, Roadrunner Records, another two albums before they'll be able to record anything for Live Nation. In addition to the touring and recording angles, Live Nation will also handle the band's merchandising, website, licensing, sponsorship, fan club, DVDs, endorsements, secondary ticketing and broadcasting rights. Nickelback's signing marks the second artist, to sign with Live Nation since the departure of CEO Michael Cohl, who stepped down after a disagreement over the direction the concert giant should take. Ironically, Cohl reportedly preferred signing artists to 360 deals while other board members were more reluctant.

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