Megapopular rock group Nickelback has signed with concert production company Live Nation's artists division, joining the ranks of Madonna and most recently Shakira to forgo record labels in favor of the "360 deal".
Nickelback's new deal has left record label Warner Music Group with egg on their face. According to trade publication Hits Daily Double, WMG spent $75 million to buy controlling interest in Nickelback's record label Roadrunner Records at the end of 2006. They have been courting the multi-platinum band ever since to sign a revenue-sharing deal, however, those plans are now dead in the water.
Nickelback is the second artist Warner Music Group lost to Live Nation. Earlier this year, Madonna made headlines when she chose the touring company instead of signing a new contract with her 20-year long label. She is the founding artist of Artist Nation, LN's division that will manage every aspect of an artist's career.
Nickelback is one of the most successful bands in recent history. Their latest record, All The Right Reasons, sold 10 million copies worldwide, including nearly 7 million in the United States.
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