Jay-Z the New King on Top

4/3/2008
Janet Onyenucheya
Rapper Jay-Z is preparing to solidify his status as "the best in the game," by way of his monumental deal with Live Nation.

The Associated Press reports that Jay-Z is out to create music history as he nears reaching a $150 million deal with Live Nation. The contract will give the company a stake in every aspect of the rapper's career, from recording to touring and beyond.

According to the New York Times and Wall Street Journal, the contract reportedly engrosses all of Jay-Z's music-related ventures for the next 10 years.

"I've turned into the Rolling Stones of hip-hop," Jay-Z told the Times.

As part of the arrangement, Jay-Z will allegedly receive $25M upfront, plus an advancement of $10M per album for a minimum of three albums and $25M toward concert tours. Live Nation will also advance the rapper $20M in exchange for rights to his publishing, licensing and other income.

Jay-Z, who stepped down as president of Def Jam, still owes his label one more studio album, after which Live Nation is expected to commit $50 million to finance the rapper's investments and entertainment venture, aptly titled Roc Nation. As part of the venture, Jay-Z will head his own record label, music publishing, talent consulting and managing projects.

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