Shakira In Live Nation Fold?

The Live Nation board has reportedly approved a 360 deal with Shakira with an announcement due soon.

Sources told the New York Post that Live Nation has committed $70 million to land Shakira for a multi-year deal that includes her recording rights.  If so, the price tag is significantly less than Madonna’s $120 million deal and Jay-Z’s $150 million deal, and it has the added bonus of a client that can fill stadiums in many parts of the world.

The alleged agreement comes as Live Nation ends an internal struggle over its spending habits, with chairman of the board Michael Cohl resigning his post after an internal spat with president Michael Rapino.  However, at the time, sources close to the situation told Pollstar that it was Rapino who was spearheading a Shakira agreement, not Cohl, who has been fingered as the driving force behind the lucrative artist deals.

If the Shakira price tag is correct, it is a fraction of the figures that were running through the rumor mill.  And with the “hip” singer averaging more than $1 million at her stadium shows in Latin America, Live Nation may have found a $70 million bargain.