Warner Music Group downplays Madonna’s exit

Warner Music Group boss Edgar Bronfman Jr. is downplaying the loss of Madonna to Live Nation in part by taking issue with the $120 million that the concert promoter is ponying up for her future work.

“We remain committed to maintaining financial discipline. We simply will not enter into agreements with artists that fail this test – whether or not the artists are well-known, and regardless of media reaction,” Bronfman told employees yesterday in an memo obtained by The Post.

Madonna and Live Nation on Tuesday confirmed their long-anticipated joint venture agreement. Financial terms of the pact, which sources put at $120 million, were not disclosed.

From the New York Post.
Thanks to Vincy.