It seems that the rich just continue to get richer.
Jay-Z is reportedly close to reaching a deal with Live Nation Inc. for a whopping $150 million that would give the concert promoter a stake in virtually every aspect of his career.
According to reports from the New York Times and Wall Street Journal, the deal would give the company a stake in everything from his music to his music-related business for 10 years.
In 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. Live Nation would also pay $20 million in exchange for publishing, licensing and other rights.
Additionally, the company is expected to commit $50 million to finance Jay-Z’s investments and entertainment venture, Roc Nation, which is rumored to include a record label, music publishing, talent consulting and managing projects.
“I’ve turned into the Rolling Stones of hip-hop,” Jay-Z told the Times.
Jay himself sees the deal as a way “to reach the consumer in so many different ways,” and wants “to be on the front lines in that fight.”
Live Nation’s most recent deals include agreements with Madonna and U2.