Jay Z and Live Nation Ink New 10-Year, $200 Million Deal
Jay Z is a business, man. Over the past year, he's not only forged a new partnership with The Weinstein Company that has already seen him produce as stellar docu-series on Kalief Browder but also will produce more impactful films, including one on Trayvon Martin and another on Emmet Till. In another savvy business move, he's extended his relationship with Live Nation.
Billboard reports Jay and Live Nation have signed a new 10-year deal that will cover worldwide touring, with Live Nation as producer and promoter. While the numbers weren't released, sources told Billboard that the deal is estimated at $200 million.
The previous deal between Jay and Live Nation was a bit more intricate, "a 360-deal worth $150 million that covered three albums, publishing and other assets and helped launch Roc Nation as a joint venture between the two," as Billboard reports, but the new deal will focus on just touring. Jay and Live Nation will remain equity partners in Roc Nation.
"Live Nation and I entered unchartered territory in 2008," Jay said in a statement. "Over nine years, we have traveled the world producing historic music experiences. Michael Rapino is an industry visionary, and this renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape."
This news comes just as Jay announced headlining performances at three music festivals this summer, and on the heels of Swizz Beatz teasing that Jay is in "album mode," leaving fans wondering if new music is on the way. Album or not, Jay continues to make significant business moves that just yesterday, landed him at No. 2 behind Diddy on Forbes' Wealthiest Hip-Hop Artists list.
*editor's note: This article originally reported the Live Nation deal as being worth $100 million. It has been corrected to reflect the accurate amount.