Via a report from Billboard.com, Jay-Z and Live Nation closed the deal Wednesday night (April 30).
The company filed a Form-8K on Thursday (May 1) with the SEC that states Jay is getting 775,434 Live Nation shares, plus an option on an additional 500,000 with the exercise price of $13.73. The shares will be given to Marcy Media, the company affiliated with the mogul, in connection with the formation of Roc Nation LLC, a joint entertainment venture between Live Nation and Jay-Z.
Via the deal, Live Nation will is said to agreed to contribute $5 million each year in overhead for five years and offer $25 million to finance Jay-Z's outside investments, as well as $10 million per album for a minimum of three albums within the deal's term.
Jay-Z will also receive another $20 million for other rights including publishing and licensing.
Live Nation will gain a stake in all recordings and tours for the next 10 years, and has already begun, according to reports.
The company is said to already be producing the current Jay-Z/Mary J. Blige tour, which have been selling out across the nation.
The Jay-Z deal follows pacts Live Nation has struck with megastars Madonna and U2. There is also speculation that the company is has pending deals with other artists such as Shakira.
Features Slim (of 112): Hi Haters What else do you want from Slim? His prolific group 112 has sold over 20 million records worldwide, and with a bevy ... full story
Editorials & Columns Scouting Report: Bambu You can refer to Bambu with various terms: rebel, revolutionist, Filipino, thug, artist. From the outside looking in, ... full story
Beyond Hip-Hop Game Review: Far Cry 2 Gone are Jack Carver, his Hawaiian shirt, and the trigens from the first installment of "Far Cry," but in comes spine ... full story
Video Bambu: Like Us (Music Video) We recently featured Filipino rapper, Bambu, in our Scouting Report column, and now, he's just dropped a new video. ... full story
Digg It
Del.icio.us
