Nickelback latest to join Live Nation in global deal

NEW YORK (Reuters) - Canadian rock band Nickelback has signed a global recording, touring and merchandising deal with concert promoter Live Nation, the company said on Tuesday.

Financial details were not disclosed but an industry source familiar with the talks said the deal was worth between $50 million (25.3 million pounds) to $70 million.

The Nickelback deal is the latest in a string of high profile, multi-faceted deals Los Angeles-based Live Nation has signed with major artists including Madonna, Jay-Z and U2 in recent months.

Nickelback, whose last album sold 10 million copies, has signed a three-album/three tour deal with Live Nation, as well as a deal for the company to handle all its merchandising, licensing, sponsorship, secondary ticketing, endorsements, DVD and broadcast rights, fan club, website and literary rights.

The band, fronted by Chad Kroeger, still has two albums left to deliver with its longtime label Road Runner Records before it records any albums for Live Nation.

But the deal between Nickelback and Live Nation could raise questions about the value of a deal Warner Music Group, struck in December 2006 to buy a majority stake in Road Runner Records for $73.5 million.

Though Road Runner also has hard rock names like Slipknot, Megadeth and Stone Sour on its roster, Nickelback is easily its best known band, having sold more than 26 million albums.

Live Nation said Nickelback's last North American and Australian tour in 2006/07 grossed more than $67 million.

(Reporting by Yinka Adegoke; Editing by Lincoln Feast)