Jay-Z, Live Nation Deal Close to Completion
Fri, 04 Apr 2008 10:25:29
Yet another landmark Live Nation deal is inching its way towards completion just days after the announcement that U2 inked a 12-year contract with the massive concert promotion company. This time around, Live Nation is close to finalizing a $150 million partnership with Jay-Z. According to a New York Times report published on Wednesday, the joint venture would be called Roc Nation, cover 10 years, and include specific publishing and licensing rights as well as future Jay-Z ventures such as a new label and various areas of music publishing, consulting and managing. Live Nation would also be expected to pay Jay-Z $10 million in advances for a minimum of three albums. While details are still being ironed out, an official Roc Nation announcement is expected soon.
None of this should come as a surprise given Jay-Z's decision to step down from his president post at Def Jam last year. At the time, he told Billboard, "It's really about trying to invest in the future, trying to invest in maybe coming up with a new model. Because going in hard making records with artists and throwing those records into a system that's flawed is not exciting for me."
—The ARTISTdirect Staff