Jay-Z is worth $150m more today after inking with concert promoter Live Nation.
Under what is considered to be the biggest music deal ever, Jay-Z will fold his business into the publicly listed Live Nation company and trade under the name Roc Nation.The deal will be a 50/50 venture between Jay-Z and Live Nation.
The new business venture comes just months after Jay-Z stood down as CEo of Universal's Def Jam Records.
The hip-hop superstar has entered a 10 year deal with Live Nation and is committed to release just three albums in that time.
The initial upfront payment to Jay-Z is said to be $25m. He will also receive a $25m advance for concert tours and $10m upfront for each of the three albums under the contract.
Live Nation would then pay Jay-Z another $25m for publishing and put in $50m for the Roc Nation JV.
Before we see anything from the new business, Jay-Z must deliver one more album to Universal under his Def Jam deal.
Live Nation signed a similar deal with Madonna. Her new album 'Hard Candy' will be her last for Warner Music before her Live Nation deal is activated.
Earlier this week, Live Nation also signed a deal with U2 for everything U2 related minus their recording deal which will remain with Universal.
Shares in Live Nation closed 34c or 2.68% higher at $13.04.
