HOLLYWOOD, Calif. — Jay-Z is the latest superstar to ink a comprehensive agreement with Live Nation, Billboard.com reports.
The hip-hop mogul agreed to a 10-year deal worth roughly $150 million that will include the singer's tours and recordings. In addition, Live Nation will finance some of his future start-up ventures, which could include his own label, artist consulting and managing, and music publishing.
On Thursday, Live Nation filed a Form-8K with the SEC which states that Jay-Z will receive 775,434 company shares, plus an option on an additional 500,000 at the exercise price of $13.73.
In an interview with Billboard last December, Jay-Z hinted at his frustration with the music industry. Shortly thereafter, he resigned his post as president of Def Jam Records when his contract expired.
"It's really about trying to invest in the future, trying to invest in maybe coming up with a new model," he said. "Because going in hard making records with artists and throwing those records into a system that's flawed is not exciting for me."
Jay-Z still owes Def Jam one more album, as he is still under contract with the label as an artist.
Live Nation signed a similar comprehensive deal with Madonna last October. They also locked up a 12-year touring and merchandise deal with U2 at the end of March.
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