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By Jerry Shriver

NEW YORK - The Robin Hood Foundation is distributing the first $50 million of proceeds raised by last week's star-studded 12-12-12 concert to benefit victims of Hurricane Sandy, according to the event's producers.

The nearly six-hour concert at Madison Square Garden was presented by Chase and featured Bruce Springsteen, the Rolling Stones, Paul McCartney, Kanye West, The Who, Bon Jovi and a host of other musicians. It was broadcast and streamed to a worldwide audience of potentially 2 billion.

The initial proceeds came from ticket and merchandise sales, sponsorships and telephone and Web donations, according to a foundation statement. Additional money for the Robin Hood Relief Fund is expected from online auctions of signed memorabilia, the U.S. broadcast of the concert, iTunes sales of live tracks and CD/DVD sales.

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