LOS ANGELES (Reuters) - Pop star Madonna is close to leaving her long-time Warner Bros. Records label for a wide-ranging $120 million deal with concert promotion firm Live Nation Inc., the Wall Street Journal reported on its Web site on Wednesday.

The pact would give Madonna a mix of cash and stock in exchange for the rights to sell three studio albums, promote concert tours, sell merchandise and license her name, the paper said.

Madonna, 49, has recorded for the Warner Music Group Corp.-owned label her entire career, stretching back to her 1983 self-titled debut album.

A Live Nation spokesman declined comment. Publicists for both Warner Music and Madonna did not immediately reply to requests for comment.