Live Nation Strikes Again Inks $150 Million Deal With Jay-Z
Live Nation has announced a mega-deal worth $150 Million dollars with Shawn Carter aka, Jay-Z. Industry insiders have been speculating on what Carter’s next corporate play would be since he failed to come to terms with Universal last year and stepped down from his role as as President of DefJam after 3 years. Jay-Z’s deal will span ten years and includes recording, merchandising, touring, publishing, image licensing and sponsorships, and setting up his own entertainment venture.
According to the New York Times, the $150 million dollar deal includes a $25 million upfront payment, three payments of $10 million for three new albums, a $25 million advance for his tour with Mary J., $20 million to spend on publishing and licensing assets, and a $25 million fee to support a new entertainment venture and overhead.
Jay-Z currently has one album remaining on his Def Jam contract. However, that’s certainly not going to hold him back from spearheading various creative endeavors for Live Nation. Last year, he sold his Rocawear clothing line for $204 million, and he still controls his chain of 40/40 nightclubs.