The queen of pop made her split with Warner Brothers Records official announcing that she signed a new deal with Live Nation for a reported $120 million.

In a statement released on Tuesday, Madonna confirmed she engaged in a multi-album, touring and merchandising global partnership with concert promoter Live Nation Inc. in a new attempt to reach fans through all available means.

"The paradigm in the music business has shifted and as an artist and a business woman, I have to move with that shift. 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. Who knows how my albums will be distributed in the future? That’s what’s exciting about this deal — everything is possible. Live Nation has offered me a true partnership and after 25 years in the business, I feel that I deserve that," Madonna’s statement read.

The 10-year deal will contain 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.

Regarding her 25-year relationship with Warner Brothers Records during which time she has sold 200 million records and CDs, Madonna said "My time with Warner Bros. Records has been great. I appreciate their hard work and value the many relationships I have developed over the years with the label in the U.S. and around the world. I have an album coming out with them next year and I’m excited about it. We still have work to do together."

While Live Nation was harshly criticized by some Wall Street analysts for spending too much to sign the 49-year-old star, the signing of Madonna for them was part of a push to forge similar deals with a range of artists, from superstars to emerging talent, under its new Artist Nation division, to which Madonna now became a founder.

"Madonna is the first step to making Live Nation into the next-generation music company," Live Nation CEO Michael Rapino said during an investor conference call. "We believe it should help attract additional artists."

"Madonna is a true icon and maverick as an artist and in business," he said. "Our partnership is a defining moment in music history."

Although no financial terms have been disclosed, sources familiar with the deal told Wall Street Journal Madonna would receive a $17.5 million advance up front, as well as $50 million to $60 million advance payments for three studio albums.