Madonna's $120m and Jay-Z's $150m Deals Cost This Man His Job
After signing much-hyped nine-figure "360" deals with Jay-Z and Madonna, to handle all their album sales, touring, and merchandising, concert promoter-cum-all things music industry company Live Nation faces the fallout: Chairman Michael Cohl is being pushed out. He's negotiating the terms of his "resignation" now with CEO Michael Rapino. Not everybody thought lavishing more than a hundred million dollars on major artists was such a good idea, given the current industry climate.
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Editorial Director
Signing 9 figure deals with the geriatric set (by industry standards, over 35) should cost him his job. I'm sure he'll guess a nice golden handshake and shower if he's into that.
I picture a nyc central park festival featuring madge, cher, elton and jagger. A geriatric storm of blase pop classics. These folks don't know what grace is. Make way, old timers.