LOS ANGELES (Reuters) - Jay-Z is on the verge of a deal with concert promoter Live Nation worth about $150 million that rivals the biggest music contracts ever, the New York Times reported on its Web site on Wednesday.
Jay-Z was said to be planning to leave his longtime record label, Def Jam, for a package with Live Nation, which includes financing his own entertainment venture as well as recordings and tours over the next decade.
The deal, which sources told the newspaper should be finalized this week, comes after Live Nation earlier this week announced a 12-year agreement to handle the merchandising, digital and branding rights and touring of Irish group U2.
Live Nation, which unveiled a $120 million deal with Madonna five months ago, has been expanding its business model to develop more far-reaching and deeper relationships with artists beyond just handling their touring as CD sales plunge.
No one at Live Nation was immediately available to comment on the Jay-Z report.
Like many other performers, Jay-Z -- whose real name is Shawn Carter -- has seen his record sales fall but he has also pursued other business ventures such as a clothing line, Rocawear, which he sold last year for $204 million, and a chain of 40/40 nightclubs.
This has kept him at the top of Forbes magazine's annual list of "Hip-Hop Cash Kings" with estimated earnings of $34 million in 2006.
The New York Times said the deal with Live Nation would involve the concert promoter funding a start-up of a venture called Roc Nation that would be an umbrella for the rapper's outside projects which are expected to include his own label, music publishing, and talent consulting and managing.
The venture would split profits with Jay-Z.
Jay-Z, 38, last year stepped down as president of Def Jam Records, a unit of French media concern Vivendi SA's Universal Music Group, saying he wanted to "take on new challenges."
As well as being one of the world's best known rappers who regularly tops the lists of richest hip hop moguls, he is also known for his romance with R&B singer Beyonce Knowles.
People magazine reported this week that the couple had taken out a wedding license in Scarsdale Villge, New York, that is valid for 60 days. But representatives for the couple have declined to comment on latest rumors of an impending marriage.
TAKE THE MONEY AND RUN!..HOPE JAY WILL SIGN SOME DECENT ACTS CUZ HE CAN'T HOLD IT DOWN BY HIMSELF FOR 10 MORE YEARS..HE'LL BE 48YRS OLD.
THATS why they are getting married NOW!!!!!!!!!
He's past his prime. They're wasting their corporate money.
Ay Papi!Go Head Jigga Do Da Dam Thing!I Aint Mad Atcha
GET THAT MONEY!!!
.....THEN GIVE SOME TO ME-LOL
1 Million, 2 Million, 3 Million, 4..... U Don't Know!!
~They know now Jay :)
Love Jigga, he's a smart business man.
IDIOTS...Jay-Z is already dumb rich..and worst...he isn't giving any of yuo guys ***!!!!
He is just gonna brag about it on another song. Quit watching and start making.
Why the *** is it news that he makes more money...he probably leaked the story to MTO so he can keep up with 50. Since 50 is the definition of hip ho wealth now.
You know Jay has a jealous streak...i don't c why he should since he signed a pack with the devil.
"***...you love the attention" lol Nas was right
Please buy another $400,000 Maybach while kids struggle to pay tuition.
YES GET tHAT MONEY...IDIOT
i wonder why Live Nation is paying Jay-Z more than Madonna or U2. He certainly doesn't generate as much revenue than the other two. Madonna's last tour was her most successful ever and raked in over 200 million. Jay-Z tours don't even come close to that. And his last album didn't sell all that well either. Madonna's "Confessions" album went double platinum in two weeks. American Gangster still hasn't gone double platinum.
Crack that car window on hot days. No more bugs or hot seats.
thecrackitscreen dot com
GIVE SUM OF DAT MONEY
LiveNation is ahead of the game when it comes to "The New Music Business" they do these deals with artist in which they rap up everything..concerts..cd's,merchandise .etc..the whole nine...the artist gets a HUGE payout upfront...it makes sense for Jay...he is on the other end of his music career...'nuff said dre of Caramelhoneys.com
It would be nice if he gave money to colleges. I am sure he donates just for the tax right offs if not to help others. but he can do what he wants with his money. he made it not you. not the college students.
yall need to stop hatin, get your money. the man has business talent a good music sound a bit of luck.
dont get mad because he is not paying you any money. get your own.
This dam Omar dude,lmao *** didnt u get murked??
Now,Jay is known for doing big things and makin big moves!im tryna get like you! do ya thang *** juice
He said he wants to be a billionaire one day and I bet he will! Go head JAY! SHOW THESE CRACKAS WHAT YOU GOT!
Now this should have been on the front page instead of Bobby Brown's stupid ignorant behind.
Not of big fan of his but he has great business sense.
That is the BEST PICTURE EVER OF HIM - HE ACTUALLY LOOKS - WELL, OK
@truth b told...u r an idiot....why are you mad that jay is gettin money....or anyone else for that matter...get off your *** and figure out to make some cash...maybe if you were not on MTO ALL THE *** TIME YOU WOULD HAVE A MAYBACH......IDIOT
@OMAR YOU ARE SO CORNY......GET A JOB....
Go get it Jigga uh huh uh huh
JAY aint no businessman, he's a Business! Man! 150 million?!? You gotta give this black man his props!
Can't hate on him, he is a smart business man!!!
Get that paper Jigga!!
thats great but let see what he is going to do with the money when he get s it.
jay getting that guap,that mozzarella,that guda &that cheddar i auin't mad at him we sagittarius are hustlers and survivors
@TUTHBTOLD, PLEASE! 50 IS MAKING PENNIES COMPARED TO JAY-Z! AND HAS WAYYY MORE TALENT! GET YOUR *** STRAIGHT!
@SERPHIM WHY DO BLACK PEOPLE ALWAYS HATING ONEACH OTHER?? DAM! GIVE THE MAN HIS PROPS! WHO GIVES A DAM ABOUT MADONNA OR U2, THIS IS ABOUT JAY-Z! MAYBE THEY GAVE HIM THE AMOUNT BECAUSE HE IS TALENTED. OR THEY WANTED TO GIVE MORE TO URBAN CULTURE. PLEASE DON'T HATE! IT'S NOT A GOOD LOOK!
Since when is asking why a media conglomerate is paying more money to an entertainer who, thus far, hasn't been as marketable as other artists who have generated significantly more revenue, hating? Apparently a lot of people give a *** about Madonna and U2, cause they sell more tickets, albums, and merchandise than Jay does. Maybe you like to don't like to question specifics when information is spoonfed to you, but I'm a little more inquisitive.
Word to the wise. Jay only has one ***, sweetpea, and I think Bey is riding it right now, so you might wanna ease up on your stanning and wait your turn.
you got a point but maybe it is because Jay will be bringing something different to the table. that may be why he is being paid more.
maybe he simply had a better agent to negotiate. madonna may have been ripped off
maybe madonna is getting 12 mil a year on a ten year deal and Jay is getting 12.5 a year on a 12 year deal because he has to work longer on his contract (2 more years)
who know why exactly. but some of that may be on the money
@seraphim, MY POINT WAS, (FOR THE SLOW) WHY ASK WHY, WHEN YOU CAN JUST BE HAPPY FOR THE MAN! AND FYI J IS NOT MY TYPE! B CAN HAVE HIM! I JUST THINK THE MAN HAS TALENT, HIS YOUNG, AND HIS BLACK. AND I LOVE HIS MUSIC! SO WHY QUESTION WHY LIVE NATION IS PAYING HIM MORE???
I could see them paying that to Beyonce or Britney because I don't think their careers have hit a plateau. Artists like Bey, Brit, and Madonna have a broader appeal than Jay-Z because their music isn't built on misoginy and violence. These last few Jay-Z albums "Kingom Come" and "AG" really haven't attracted Jay any new fans. It's old fans who bought them. "Confessions . . ." was a real surprise from Madonna. I hadn't bought a Madonna album in years, but I bought that one, and I'm probably gonna buy the next one because Timbaland and Justin Timberlake are listed as producers.
"SO WHY QUESTION WHY LIVE NATION IS PAYING HIM MORE???"
because it's an honest question.
sorry but Diddy is the richest in hip hop period jay is second and 50 is in sixth place.
Jay got what he got because it was deserved. He saved thousands of children and adults by installing water pumps, not to mention his S.Carter annual scholarship fund, his SILENT work with various other charities, computers heís put in schools, etc. He does more HELP under the radar than thatís public info. He got more from Live Nation because theyíre housing not only him and his concerts, but his ventures that were under Def Jamís distribution as well as itís money for his ROC label and the artists on their (Kanye, Bleek, Tru, SP, etc.). LIVE NATION IS BASED IN CONCERTS and thatís what they looked at from Jay. Heís the King of selling out concerts on top of being the business man that he is. His ventures arenít failing - they looked at that too. JAYíS GOOD BANKABLE MONEY. No every idea or business move isnít originated from him - Steve Stout will tell him sometimes if he thinks this is a good fit, etc., but BEST BELIEVE HOV ORIGINATES 80% or more of the business moves heís made. Heís done that throughout his career - heís always went to the left and originated a move that no one has made which made him the BUSINESS MAN that he is. Hov will be in demand to still tour on his own because he has tons of hits heís never even done in concert, so he could go on another 10 years. BUT ITíS NOT JUST HIM THATíLL BE TOURING - HEíS GOING TO PUT OTHERS ON TOUR WITHOUT HIM.
This move was made so he can finally take a back seat and push his artists. He doesnít want to go on forever, but he had to come out in 4th quarters to keep his label ROC afloat and when Kanye became an artist, Jay didnít have to drop as much - thatís smart business.
Itís not a joke or a fluke that heís about $300 mil away from being a billionaire.
JAY IS THE RICHEST IN HIP HOP. CHECK E! and FORBES. They've both did countdowns on their TOTAL NET WORTHS as well as other money/music sites. 50 is second and Diddy is third.
THANKS BRUKLYN, I LOGGED ON TO STRAIGHTEN THAT LIE OUT! MTO IS REPORTING THIS BUT THEY WERE THE SAME ONES SAYING JAY WAS SIGNING ON WITH G-UNIT! IMAGINE SOME *** LIKE THAT, SO BENEATH HIM! JAY IS ABOUT MAKING POWER MOVES LIKE THIS. TRUTH BE TOLD IT MAY BE MORE THAN THAT!
Jay-Z got his business start slinging "so much coke / you could run a slalom" -- at least, that's what his lyrics indicate. These days he's about to turn some serious coin old school as an on-the-books capitalist gangsta.
Nicknamed "Young Hov," "Hova," and "Jigga," this young rapper-turned-suit is about to bank $150 million from concert promoter Live Nation (nyse: LVN - news - people ). Representatives from both sides of the deal confirmed the talks on Thursday, with a spokesman for the rapper saying an announcement is imminent.
The 50/50 venture, dubbed Roc Nation, will be an umbrella for Jay-Z's various musical endeavors, including a new record label, musical production and talent management.
Live Nation rose 54 cents, or 4.3%, to $13.24, in afternoon trading Thursday following reports of the deal.
Jay-Z's life has all the peripheral trappings and achievements a young *** executive requires. Along with bagging several-platinum albums and being named GQ Magazine's Man of the Year, rags-to-riches Carter also has himself some music royalty arm-candy in the shape of diva Beyonce Knowles.
As A-list members of the glitterati, when they aren't making red-carpet appearances or music videos together, the two make a habit of bouncing around in private jets to lux vacations in Turks and Caicos, St. Bart's and the south of France. The duo recently made headlines when Jay-Z applied for a marriage license.
The rapper, also known as Shawn Carter, flexed his street smart business *** as chief executive of Def Jam Records (See "Jay-Z To The Out") and as founder and owner of Roc-A-Fella, which dabbles profitably in enterprises involving music, clothing, and movies. Jay-Z also owns the 40/40 Club sports bar franchise, with locations in New York and Atlanta. Thanks to his various plays for cash, Jay-Z scored a top spot on Forbes' hip-hop Cash Kings list after banking a reported $34 million in 2006.
Hits like "Hard-knock Life" and "Big ***'***" helped Carter a make a pretty living off a rough beginning. The Brooklyn boy and basketball enthusiast has returned the favor to his hometown. With a small stake in the New Jersey Nets, Carter has been a force behind bringing the team back to New York City and to his old borough.
Good for him.
Jay gets better looking with each million.. *** B is a lucky girl.
I hope him and B get married soon.
he doesn't need anymore money. *** the rich are getting richer!
I ain't hatin b/c I like Jay but ***!!!!
@beauti.................LOL. U are right!
@ SHI--Jay is not as young you're thinking. I'm sure if already has a child, but he needs to move on with his life, and build a family. IF NOT, HE'LL BE AT LEAST 40 YRS. OLD BY THE TIME HE HAS HIS FIRST CHILD. You can't even play with your kids or enjoy parenthood when you're no longer in your prime. You get tired quick. THERE'S MORE TO LIFE THAN JUST BEING FINANCIALLY SUCCESSFUL, AND HE'S BEEN THERE FOR OVER A DECADE.
OH, BY THE WAY, I'M NOT HATING ON THE DUDE, I'M VERY HAPPY FOR HIM. THOUGHT I'LL CLEAR THAT UP TO ALL THE "HATER ACCUSERS" OUT THERE. JEEZ, WHATEVER HAPPENS TO SOMEBODY HAVING DIFFERENT OPINION OR BELEIFS THAN THE MAJORITY, WITHOUT BEING ACCUSED OF HATING. PEOPLE ALWAYS THINK SOMEBODY IS HATING ON THEM, AS IF THEY REALLY HAVE SOMETHING WORTH HATING ON, lol.
@bruklyn I beg to differ on your favorite rappers' givings...I've been to brooklyn and have talked to people there...plus I have relations with several hip-hop writers in NYC. this capitalist "brotha" doesn't send no black kids to college, and as far as his "silent" charitable work? now why would this brilliant businessman keep good publicity "silent"
now tell me I'm hating....see I don't need to live through other people's success...Jay-Z is rich... great...but with kids dying in HIS hometown and cops killing brothas in HIS hometown I think he and 50 and Diddy could certainly do a lot more to raise awareness on certain issues...issues that birthed hip-hop...issues they dont necessarily have to through money at, but just address since they come from the "hood"
What's the difference between Jay, 50, Diddy and any other capitalist in America that exploits the poor? ( rappin about hood *** when you dumb rich is exploitation homie )
Hip-Hop has long been co-opted like all of our art forms and it's biggest stars have willingly cut a deal to do it...I'd say for every 10 million earned put 1 million back in the hood to save lives...after all the good book says "TO WHOM MUCH IS GIVEN MUCH IS REQUIRED" does that apply to celebs or just people with good hearts and a passion for the poor and despised?
I got more respect for the school teacher working in the ghetto that's underpaid...I dont expect rappers to be Dr. King but blacks who "make it" *** get amnesia that's doctors, lawyers, athletes, and rappers ALL OF THEM!
If this is true Jay need 2 share some of that money wit me, I'll hold down the dynasty 4 the next ten years
Google Str8 Business
you may be right about Beyonce and Britney but from what I see, they are maybe looking for a certain genre. they already have a pop star with madonna. also, Madonna, U2 and Jay-Z are all older people, they may not want someone in their twenties. they sometimes cause problems (britney, paris, linsay lohan, etc)
then again, I dont think that Britney is all that market abe right now.
I heard on the radio also that the deal is not cut and dry.
he has to do at least 3 albums. he will be in a 12 year contract. Live nation is receiving alot of royalties and rights. and they are financing his investments with 50 mil, which means that he will probably be paying that back.
all in all I dont know very much about Madonnna besides that she is bankable. we may get more details later after the deal is set