Jay-z + Live Nation Finalise Deal
JAY-Z has joined heavyweights Madonna and U2 after signing a new mega-millions deal with concert promoters Live Nation.
The rapper has landed 775,434 Live Nation shares, plus an option on an additional 500,000 after setting up a joint entertainment venture with Live Nation bosses.
The Live Nation/Jay-Z deal began in December (07). News broke in The New York Times last month (Apr08).
Live Nation will now promote all of Jay-Z's recording and performance ventures.
According to Billboard.com, Live Nation will contribute $5 million (GBP2.5 million) each year in overhead for five years and offer $25 million (GBP12.5 million) to finance Jay-Z's external acquisitions and investments, plus $10 million (GBP5 million) per album for a minimum of three albums.
Jay-Z will also receive another $20 million (GBP10 million) for other rights, including publishing and licensing.
Live Nation is already producing the current Jay-Z/Mary J. Blige tour in North America.
The rapper reportedly wed longtime girlfriend Beyonce Knowles last month (Apr08).