Live Nation in talks for big deal with Jay-Z
Last Updated: Thursday, April 3, 2008 | 6:02 PM ET
The Associated Press
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Concert promoter Live Nation Inc. said Thursday it was in talks with rap mogul Jay-Z over a potential business deal.
However, the company stopped short of confirming reports that the deal would give Live Nation a stake in virtually every aspect of Jay-Z's career and land him a potential windfall in excess of $100 million US.
Jay-Z, shown at the Grammy Awards in February, is in talks with Live Nation over a deal that could be worth $150 million.
(Chris Pizzello/Associated Press)
A person familiar with the negotiations between Live Nation and Jay-Z said the proposed 10-year deal was worth about $150 million US and would cover three albums.
The person requested anonymity because of the confidential nature of the ongoing talks.
Jay-Z's representative at William Morris Agency did not reply to a request for comment.
Under the proposed deal, Jay-Z, whose real name is Shawn Carter, would be paid about $25 million US up front, another $25 million US toward concert tours and advances of $10 million US for each of at least three albums, the person said.
Live Nation would pay Jay-Z about $20 million for publishing, licensing and other rights, and put up $50 million toward a joint venture dubbed Roc Nation through which Jay-Z would sign artists and engage in other entertainment projects.
Live Nation is currently producing a tour with Jay-Z and Mary J. Blige.
Jay-Z still owes his current label, Def Jam, one studio album.
He was president of Def Jam for three years but stepped down in December because he and the label's corporate parent, Universal Music Group, could not agree on a new contract.
Los Angeles-based Live Nation also struck recent deals with Madonna and U2.
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