Shawn "Jay-Z" Carter is reportedly ready to sign with concert promoter Live Nation in a 10-year deal worth about $150 million, a total that rivals the biggest music contracts ever, the New York Times reported.
The rap tycoon will officially bounce from his longtime record label, Def Jam, and enter into a partnership that includes recordings and tours – as well as the financing of his new entertainment venture Roc Nation - an umbrella company that will include his own label, music publishing, and talent consulting and managing. The venture would split profits with Jay-Z.
The rap mogul will reportedly receive $25 million upfront and another $10 million each for at least three studio albums. The deal also includes $25 million for concert tours and $50 million to finance his other investments.
Jay-Z's partnership is the latest in a series of new pacts between Live Nation and mega-entertainers. Earlier this week, the company announced a 12-year agreement to handle the merchandising, digital and branding rights and touring of Irish group U2.
Live Nation, which unveiled a $120 million deal with Madonna five months ago, has been expanding its business model to develop more far-reaching and deeper relationships with artists beyond just handling their touring as CD sales plunge.
Jay-Z, 38, in December left his post as president of Def Jam Records, saying he wanted to "take on new challenges."
The rap tycoon will officially bounce from his longtime record label, Def Jam, and enter into a partnership that includes recordings and tours – as well as the financing of his new entertainment venture Roc Nation - an umbrella company that will include his own label, music publishing, and talent consulting and managing. The venture would split profits with Jay-Z.
The rap mogul will reportedly receive $25 million upfront and another $10 million each for at least three studio albums. The deal also includes $25 million for concert tours and $50 million to finance his other investments.
Jay-Z's partnership is the latest in a series of new pacts between Live Nation and mega-entertainers. Earlier this week, the company announced a 12-year agreement to handle the merchandising, digital and branding rights and touring of Irish group U2.
Live Nation, which unveiled a $120 million deal with Madonna five months ago, has been expanding its business model to develop more far-reaching and deeper relationships with artists beyond just handling their touring as CD sales plunge.
Jay-Z, 38, in December left his post as president of Def Jam Records, saying he wanted to "take on new challenges."
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