50 Cent, Jay-Z, Sammy Hagar and Madonna had the biggest paydays in the music industry this year. Fiddy did best. He made $100 million in a single day.
Forbes magazine has compiled the Top 20 paydays of 2007 for the entertainment industry. The four performers from the music industry made the list as well as one music executive, David Geffen.50 Cent won paydirt when beverage Vitaminwater was bought by Coca-Cola for $4.1 billion. Instead of taking a cash payment for endorsing the product, Fiddy took shares in the company. When Coke cashed in, Fiddy cashed out, to the tune of $100 million.
Jay-Z banked $82 million in a single day when his clothing label Rocawear was sold to Iconix Brand Group for $204 million.
Sammy Hagar added $80 million to his bank account when he sold 80% of his tequila company Cabo Wabo to Gruppo Campari. The company has an option to buy the remaining 20% over the next five to eight years, so Hagar can look forward to a nice little superannuation.
Madonna became $43 million richer in one day this year when she signed with Live Nation. After a career with Warner Music, the autograph of material girl at the end of the Live Nation contract grabbed her instant $18 million signing bonus plus $25 million in stock. She will then receive a $17 million advance on each of the next three albums she records for Live Nation.
Record industry mogul David Geffen picked up his $37.5 million booty when he sold his Manhattan penthouse. He bought it one year earlier for $31 million.
The biggest entertainment payday of the year however went to George Lucas. Lucas took in a $200 million check from Hasbro toys. The toy company licenses Star Wars toys and action figures directly from Lucas. In 1997, he received warrants for $170 million for Hasbro stock. This year, they bought the warrants back from him.
