//Jay-Z Close To Huge Deal With Live Nation Inc.//
It’s good to be Jay-Z. He’s got a blazing hot rap career, stacks of money, successful club chain and clothing line, and, did we mention, Beyoncé all under his belt (oops! no pun intended. or…….) at just 38 years old. Now reports claim Jay will be building upon his brand even further with a $150 million deal with the country’s biggest concert promoter Live Nation Inc.
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Live Nation jumped into the artist managing arena last year with an unprecedented $120 million deal with Madonna. U2 recently got on board with the promoting giant as well. Much like those deals, Live Nation will have a stake in many aspects of Jay’s career including future album releases, his 40/40 clubs, and the exclusive rights to promote any upcoming tours.
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More on the deal:
The contract covers Jay-Z’s music and music-related businesses for the next 10 years, the New York Times and Wall Street Journal reported on their Web sites late Wednesday, citing sources familiar with the agreement.
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An after-hours call to a Live Nation spokesman seeking comment was not immediately returned late Wednesday.
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As part of the arrangement, Jay-Z would get a $25 million upfront payment, plus advance payments of $10 million per album for a minimum of three albums and $25 million toward concert tours. The company would also pay $20 million in exchange for publishing, licensing and other rights.
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Live Nation was also expected to commit $50 million to finance Jay-Z’s investments and his entertainment venture, to be called Roc Nation, which is expected to include his own record label, music publishing, talent consulting and managing projects.
Get that paper, Jay!
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