Allhiphop.com is reporting that Shawn "Jay-Z" Carter is in the process of setting up an educational trust for the children of Sean Bell, the unarmed African American man who was shot and killed by police hours before his wedding.       

The Web site says sources have confirmed that the mogul is working with Nicole Paultre Bell, Sean Bell's widow, to establish stock-based trust funds for both of their children.

Nicole Bell was featured in an ad for Jay-Z’s Rocawear "I Will Not Lose" advertising campaign.      

Meanwhile, Billboard Biz is reporting that Jay-Z's $150 million deal with Live Nation closed on Wednesday night.

The company filed a Form-8K with the SEC which states that the artist is getting 775,434 Live Nation shares, plus an option on an additional 500,000 with the exercise price of $13.73. The shares go to Marcy Media, the company affiliated with Jay-Z in connection with the formation of Roc Nation LLC, a joint entertainment venture between Live Nation and Jay-Z.

As previously reported, the Live Nation pact includes Roc Nation, as well as the rapper's own recordings and tours for the next 10 years. Live Nation will reportedly contribute $5 million each year in overhead for five years and offer $25 million to finance Jay-Z's external acquisitions and investments, plus $10 million per album for a minimum of three album within the deal's term.       

Jay-Z will also receive another $20 million for other rights including publishing and licensing. Live Nation is already producing the current Jay-Z/Mary J. Blige tour, which is putting up sellout numbers.