Jay’s about to sign $150million deal
Posted by Media Outrage on April 3, 2008
Jay is close to signing a $150million deal with Live Nation. He was on point when he said “I’m so far a head of my time I’m bout to start another life/ Look behind you I’m bout to past you twice”
Via Nytimes:
Jay will sign a $150 million package with the concert giant Live Nation that includes financing for his own entertainment venture, in addition to recordings and tours for the next decade. The pact, expected to be finalized this week, is the most expansive deal yet from Live Nation.
“I’ve turned into the Rolling Stones of hip-hop,” Jay-Z said in a recent telephone interview.
As part of the arrangement, Live Nation would finance the start-up of a venture that would be an umbrella for his outside projects, which are expected to include his own label, music publishing, and talent consulting and managing. Live Nation is expected to contribute $5 million a year in overhead for five years, with another $25 million available to finance Jay-Z’s acquisitions or investments, according to people in the music industry briefed on the agreement. The venture, to be called Roc Nation, will split profits with Live Nation.
The overall package for Jay-Z also includes an upfront payment of $25 million, a general advance of $25 million that includes fees for his current tour, and advance payment of $10 million an album for a minimum of three albums during the deal’s 10-year term, these people said. A series of other payments adding up to about $20 million is included in exchange for certain publishing, licensing and other rights. Jay-Z said Live Nation’s consolidated approach was in sync with the emerging potential “to reach the consumer in so many different ways right now.” He added: “Everyone’s trying to figure it out. I want to be on the front lines in that fight.”
Mediaoutrage- His business acumen is ridiculous. He’s an innovator and trend-setter in the booth, fashion, and the board room.
