Nickelback signs with Live Nation

Live Nation Inc., the world's biggest concert promoter, signed rock band Nickelback to a long-term agreement involving recorded music, tours and merchandise. The shares climbed the most in almost four months.

Under the deal, the company also acquired rights to clothing, non-tour sponsorship and endorsements, and DVD and broadcast rights, Beverly Hills, Calif.-based Live Nation said today in a statement. Financial terms won't be released, company spokesman John Vlautin said in an interview.

Nickelback is the fourth major artist or group Live Nation has signed as it expands beyond its base in live concerts to spur profit growth. The company's artists division plans to sign as many as six multiplatform deals during its first year of operation, Live Nation said in the statement.

Since October, Live Nation has reached similar agreements with Madonna, Jay-Z and Shakira. Madonna signed a 10-year album, touring and merchandise deal, and Jay-Z signed a 10-year accord that includes live shows, recordings and investments in the performer's business. Live Nation said it plans to complete a previously announced partnership with U2.

The Nickelback agreement includes three touring and album cycles, plus an option for a fourth. Nickelback has sold more than 26 million albums worldwide, and the Canadian band's last album, "All the Right Reasons," sold more than 10 million copies, Live Nation said. Its last tour grossed more than $67 million in Australia and the U.S, the concert promoter said.