Jay-z To Sign Live Nation Deal?
Rapper SHAWN 'Jay-Z' CARTER is to follow in the footsteps of Madonna and U2 by signing a multi-million dollar (pound) deal with concert promoter Live Nation. The star is reported to be on the verge of putting his name to a 10-year contract with the company, which would see Live Nation cover the star's music and music-related businesses for the next decade. Carter would be forced to leave current label Def Jam - of which he was formerly president - to commit to the new deal, although he still owes the label one studio album. He would receive a $25 million (GBP12.5 million) upfront payment from Live Nation, plus payments of $10 million (GBP5 million) per album for a minimum of three albums and $25 million (GBP12.5 million) toward concerts and tours - and would part with a further $20 million (GBP10 million) in exchange for publishing, licensing and other rights. It is also thought Live Nation will commit $50 million (GBP25 million) to Carter's investments and Roc Nation, his entertainment venture encompassing his own record label, music publishing, consulting and management projects. Madonna signed an historic deal with Live Nation last year (07), rumoured to be worth $120 million (GBP60 million), while U2's 12-year deal with the promoter was announced earlier this week (begs31Mar08).