Remember the $150 million deal Jay-Z was working on with Live Nation back in early April? Well, it appears the deal is sealed.
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.