Madonna rumoured to be leaving record label

Madonna is set to dump her record company and sign a $100m (€70.8m) contract with tour promoter Live Nation, according to reports.

The 'Material Girl' is expected to walk away from her 25-year deal with Warner Music and hand control of new releases at live performances to Live Nation.

A senior music industry source said: "This is a sign of the times. At this stage in her career Madonna realises she stands to make more money from touring - $260m (€184.25m) on her last tour - than releasing records.

"So she wants to go with a company that can look after both rather than being tied to a record company."