Jay-Z is signing a $150 million exclusive deal with concert promoter Live Nation.
Jay-Z is still named "Hip-Hop Cash Kings" at the top of Forbes magazine list. His 2006 earnings are estimated at $34 million.
By: Katie Cook
Apr 3, 2008, 11:16 AM EDT
Jay-Z, whose real name is Shawn Carter, is about to sign one of the largest music contracts ever, about $150 million, with concert promoter Live Nation. The rapper left his longtime record label, Def Jam, for a package with Live Nation, which includes financing his own entertainment venture as well as recordings and tours over the next decade. The contract, to be finalized this week, arrives after Live Nation 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. The rap artist has faced a fall in record sales but has also pursued other business ventures such as a clothing line, Rocawear, which he sold last year for $204 million, and a chain of 40/40 nightclubs. Jay-Z is still named "Hip-Hop Cash Kings" at the top of Forbes magazine list. His 2006 earnings are estimated at $34 million. The Live Nation will involve the concert promoter funding a start-up of a venture called Roc Nation that would be an umbrella for the rapper's outside projects which are expected to include his own label, music publishing, and talent consulting and managing. Source: NewsOXY.com Jay-Z Signs $150 Million Live Nation Deal
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