Colombian superstar Shakira is said to be on the verge of signing a $60 million deal with Sony and Live Nation for the singer’s next three albums.
If the deal is made official, concert giant Live Nation would release her next set of albums through them.
According to The Hollywood Reporter, the concert promoters are close to sealing the deal, which will give them cuts of album and merchandise sales, and sponsorships. Live Nation would be splitting the sales with Sony.
In 2008, Shakira left Sony’s Epic label and signed a 10-year deal with Live Nation. A contract valued between $70 million and $100 million.
The singer would join the list of singers who have chosen to ditch traditional record backing from labels. Among those before her are Jay-Z and Madonna.