It has been reported that Hip-Hop icon Jay-Z is on the brink of finalising a $150 million deal with concert promoter Live Nation to launch a venture called Roc Nation. The deal with Live Nation, who have also recently worked with superstars such as Madonna and U2, would mean Jay-Z leaving his long-time record label Def Jam and sign for the concert-promotions company for $150, one of the biggest music contracts ever made.

The New York Times reported that the venture is part of a ten-year deal. This will finance Jay-Z’s record label, tours and various endorsements and investments. The profit will be split 50/50. The deal also compromises of the rapper releasing at least three albums within the ten year deal. He will get a $10 million advance for each album.

Live Nation chairman Michael Kohl said, on the possible deal, “What Jay-Z’s done has kind of mirrored what we want to do and where we think we’re going.”

Jay-Z stepped down as the CEO of Def Jam last year, however he still is in contract to release on more album as an artist on the label, which is expected to be released sometime later this year.

Credits: Emma Dawson

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