The New York Times reports that later this week he will finalize a monumental $150 million deal with concert behemoth Live Nation.
Its a about time hope this venture works out. He still owes Def Jam one more album.
Live Nation is expected to contribute $5 million a year in overhead for five years, with another $25 million available to finance Jay-Z’s acquisitions or investments, according to people in the music industry briefed on the agreement. The venture, to be called Roc Nation, will split profits with Live Nation.
The overall package for Jay-Z also includes an upfront payment of $25 million, a general advance of $25 million that includes fees for his current tour, and advance payment of $10 million an album for a minimum of three albums during the deal’s 10-year term, these people said. A series of other payments adding up to about $20 million is included in exchange for certain publishing, licensing and other rights. Jay-Z said Live Nation’s consolidated approach was in sync with the emerging potential “to reach the consumer in so many different ways right now.”
I’ve turned into the Rolling Stones of hip-hop,” Jay-Z said in a recent telephone interview.
source-NY Times
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