Korn [ tickets ], which last year inked a precedent-setting agreement with major record label EMI, has now struck an equally unique deal with concert promoter Live Nation.

Collectively, the two deals result in Korn, EMI and Live Nation forming a partnership through which the three entities will "share in the results of the band's overall career," according to a press release. Each party gets a piece of the band's recording, publishing, touring, merchandising, sponsorship and other activities, and all parties are "incentivized financially and creatively" to work with Korn's management company, Beverly Hills-based The Firm, to "take a long-term approach to building the Korn brand."

Normally, artists negotiate one deal with a record label that specifically addresses compensation for recorded works, and separate deals with concert promoters that normally involve the artist receiving a guaranteed upfront fee and/or a major cut of ticket sales from each stop on its tour.

The New York Times reported on Wednesday (1/11) that, under the terms of its agreement with Korn, Live Nation--the recently spun-off concert division of Clear Channel Communications--is paying the group about $3 million in return for an estimated 6 percent cut of the band's future earnings.

"Our partnership with EMI really opened our eyes that there are other ways to succeed in the music business that don't involve always fighting with our record company," Korn frontman Jonathan Davis said in a statement. "They want what we want and we couldn't be happier with Virgin, EMI and David Munns [CEO of EMI, North America]. We expect that adding Live Nation to our team will also have a real impact on our careers."

"This is about shifting power back to artists by finding strategic partners who are the best in their respective businesses and incentivizing them to work in unison to attain common goals consistent with the band's goals," added Jeff Kwatinetz, CEO of the The Firm. "Not only is Live Nation a superb concert promoter, it is a stellar marketing, promotion and production company. This deal allows them to focus not just on selling concert tickets, but on fully investing in the Korn brand. We believe this venture will pave a new way of doing business for musical artists in the future."

Korn inked its deal with EMI after parting ways with Sony subsidiary Epic, for whom the group recorded six studio albums. The band's first release for Virgin is last month's "See You On the Other Side," which has spawned the hit "Twisted Transistor," and has so far sold about 1.5 million copies worldwide, according to The Firm.

The group plans to launch its world tour behind the new set next month, and is scheduled to announce the details of that outing during a late-afternoon press conference on Friday (1/13), according to its publicist.