Yes, that is correct - $1.3 billion or more. In October of 2007, Madonna inked a deal with Live Nation estimated to be worth $120 million. Jay-Z is reported to be in current negotiations for a similar long-term contract with Live Nation estimated to be worth $150 million. The U2 deal announced in March is expected to be worth more than $1 billion based on the band's 2005-2007 Vertigo tour which grossed over $400 million. The details of these deals are extraordinary.

News Corporation, owner of MySpace.com and the MySpace Music Service, is partnering with three of the four major record labels to create a new music website. The MySpace Music Service will be spun off into an independent venture with Sony BMG, Universal Music, and Warner Music Group. EMI is expected to join the partnership in the coming weeks. The exact terms of the deal and details about the new site, including prices for downloaded music tracks, have not been disclosed. MySpace said that the site will offer songs for download that are free of digital rights management. The site reportedly will also offer free online streaming of music, tickets, t-shirts, and other items.

In January, long time Florida concert promoter Jon Stoll died from complications of brain cancer. He and wife Lori were owners of Fantasma Productions. Last week, Fantasma Productions entered into an agreement with Live Nation. Read the details of the agreement after the jump.

As recently as a three weeks ago, on the Q4 earnings investor call, Getty Images (Public, NYSE:GYI) CEO Jonathan Klein said "I would stress that at no point has Getty Images talked about a sale. We have talked about strategic alternatives." You can read a live blog of that call with investors written by Daryl Lang over on Photo District News.