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Madonna has entered into a global partnership with concert promoter Live Nation, severing her ties with a major label to become the first artist in the concert promotion giant’s Artist Nation division.

The partnership between Madonna and Live Nation encompasses all of Madonna’s future music and music-related businesses, including the new studio albums, touring, merchandising, fan club/website, DVDs, music-related television and film projects and associated sponsorship agreements.

Deal, widely reported last week, stands to cost Live Nation about $120 million, for which it will receive three albums over the next 10 years and participate in all her revenue-producing enterprises. Madonna, 49, will receive a $17 million advance for each album and a signing bonus of about $18 million. A portion of the compensation will involve stock, the Associated Press reported.

Live Nation prexy-CEO Michael Rapino confirmed the deal Tuesday but did not disclose financial terms.

Madonna has been with Warner Music for 24 years, recording first for Sire Records and, since 1990, for Warner Bros.

While a handful of acts have signed deals that bring together recorded music, touring and publishing revenue under one umbrella organization, Madonna is the first to set up an arrangement with a concert promoter.

Artist Nation, headed by Michael Cohl, was created to partner with artists to manage recordings, merchandise and touring. Artist Nation is also designed to take advantage of revenue streams including studios, media rights, digital rights, fan clubs and websites and sponsorship divisions.

“The paradigm in the music business has shifted, and as an artist and a businesswoman, I have to move with that shift,” Madonna said in a statement. “For the first time in my career, the way that my music can reach my fans is unlimited. I’ve never wanted to think in a limited way, and with this new partnership, the possibilities are endless. Live Nation has offered me a true partnership, and after 25 years in the business, I feel that I deserve that.”

Warner Bros. Records will release Madonna’s next studio album, which is penciled in for early next year, and a greatest hits album, which would be her third. Warner Bros. retains the rights to her current catalog.

Madonna’s last three worldwide tours with Live Nation have grossed close to $500 million in the last six years.

Live Nation stock closed up 3¢ at $21.45 on Tuesday.