Nickelback have signed a multi-million dollar all-encompassing deal with the concert promoter Live Nation.

The three-album and tour deal means that the company will assume control of the Canadian bands recording, touring and business assets.

The deal, which is believed to be worth between $50million and $70million, follows similar agreements with Live Nation by Madonna, Jay-Z and, most recently, Shakira.

Nickelback's contract will begin once the band deliver two more albums to their existing record label Road Runner Records.

Live Nation is the first company to pen such contracts with artists, with more expected to emerge over the coming months.

(by Jason Gregory)