Jay-Z's history making deal with concert promoter Live Nation was reportedly finalized yesterday (May 1).
As reported earlier, Jay-Z and Live Nation were negotiating a ten year $150 million deal which will finance the rapper’s record label, his upcoming tours and various endorsements and investments.
As part of the deal, Jay-Z would have to drop three albums during the 10 years. Each advance for the albums will be $10 million. The rapper’s current co-headlining tour with singer Mary J Blige is also part of the agreement.
Jay-Z will be splitting his profits with Live Nation.
According to Billboard, Live Nation filed a Form-8k with the SEC Thursday which states that Jay-Z will be getting 750,000 Live Nation shares, plus an option on an additional 500,000 with the exercise price of $13.73.
MTS Centre, Winnipeg - May 26, 2008
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