Shakira signs up with Live Nation

Shakira is joining Madonna, Jay-Z and U2 in forgoing traditional record industry alliances to sign a multimillion-dollar long-term contract with promotion giant Live Nation.

The 10-year contract gives Live Nation the right to handle her concerts, recordings, merchandising and other aspects of her career, according to a statement issued by her publicist. It did not specify when the contract would take effect or the dollar value, but it was estimated to be worth $70 million to $100 million by various music industry sources.

The Colombian singer and songwriter still owes three albums to her current label, Epic Records -- one in English, one in Spanish and a hits collection.