Madonna is $120 Million Richer

Madonna and longtime friend Ingrid Casares (a Miami nightclub owner) work-out together at a Midtown Gym club on Thursday morning. Other pictures include Madge and Ingrid exiting the Reebok Sports Club on the Upper East Side yesterday.

The Queen of Pop will reportedly sign a $120 million recording and touring deal with live entertainment promoter Live Nation Inc. and leave her longtime record label at Warner Music Group Corp.

Under terms of the proposed deal, Madonna, 49, would receive a signing bonus of about $18 million and a roughly $17 million advance for each of three albums, a source familiar with the talks said.

Madge has recorded for the Warner Music label since her 1983 self-titled debut album.