Posted by Bossip Staff
The Wallstreet Journal is reporting Jay-Z is in the final stages of closing a $150 million deal with Live Nation to finance all his future ventures including music, fashion, concerts, and his 40/40 club chain:
In what may be the richest in a string of recent deals with superstar musicians, Live Nation Inc. is close to a $150 million, 10-year deal with Jay-Z that would give the concert promoter a financial position in virtually every aspect of the rapper and entrepreneur’s career, according to people familiar with the matter.
The contract also calls for Live Nation to make advance payments to Jay-Z — whose real name is Shawn Carter — of $10 million for each of three albums, along with $25 million toward concert performances, and other advance payments and promises to cover certain costs totaling $50 million. The company is also to pay $20 million for music publishing and licensing rights. Live Nation would underwrite other of Mr. Carter’s business ventures in areas such as clothing, out of a fund of $25 million; in the past, Mr. Carter has been involved in clothing and nightclub businesses. In all, the agreement appears to be broader than the one the company reached last year with Madonna, which kicked off Live Nation’s recent deal-making spree. Irish rock band U2 also recently made a deal with similar, though not identical, components, and many major music stars have been rumored to be examining such arrangement.
Say what you want about Camel, he has set the real ‘blueprint’ for taking the mic game to the next level. All these little rappers in the game need to pay their respects.
We are also hearing rumors of a secret wedding going down Friday or Saturday. Pre-nup??