Live Nation, Inc. (LYV) on Tuesday announced that it entered into long-term worldwide partnership deal with popular rock band Nickelback. The company noted that the latest deal is on track with its strategy of signing four to six such deals with world-class artists in the first year of operation of its Live Nation Artists division.
The Los Angeles, California-based Live Nation noted that it is considering all areas of Nickelback's global music enterprises. This includes three touring and album cycles, and an option for a fourth one.
The company stated that under the deal Live Nation has acquired 12 separate artist rights to feed its global distribution pipe. These include touring, tour sponsorship, tour merchandise, tour VIP/travel packages, secondary ticketing, recorded music, clothing, licensing and other retail merchandise, non-tour sponsorship and endorsements, DVD and broadcast rights, fan club, website and literary rights.
Live Nation reported that Nickelback is the fourth global superstar that the company has signed to a unified rights deal. The other three superstars signed up are Madonna, JAY-Z, and Shakira.
Commenting on the deal, Chief Executive Officer Michael Rapino, said, "This partnership is structured to increase our revenue and cash flow potential significantly, while reducing our risk profile. This investment is cross collateralized, spread over multiple years and comprises multiple business opportunities."
Live Nation noted that Nickelback sold more than 26 million albums worldwide, with their last album selling over 10 million units worldwide. The rock band's last tour covering North America and Australia in 2006/2007 sold over 1.5 million tickets and grossed in excess of $67 million.
LYV closed Monday's regular trading on the NYSE at $9.89, down $0.04, or 0.40%, on a volume of 1.14 million shares.
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