As we reported a couple days ago, U2 joined Live Nation in an exclusive promotions, merchandising, and online deal.
This morning, a few hours after Jay-Z and Mary J. Blige rocked the ACC in Toronto, the New York Times broke the news that former Def Jam president Jay-Z has inked a ‘360’ 10-year deal with Live Nation Artists, which will include all aspects of Jay-Z’s music oriented ventures including record deal, merchandise, website management, online ticketing for concerts, and touring.
In addition Jay-Z will receive $5 million seed money to establish Roc Nation, under which he’ll manage his acquisitions and investments. An additional estimated $5 million a year will be supplied by Live Nation to this venture, with profits from Roc Nation being eventually split between Jay-Z and Live Nation.
The $150 million deal includes a $25 million upfront payment, $25 general advance which includes fees for his current tour with Blige, and a signing advance of $10 million per album, for a minimum of three albums that will be released during his 10-year contract with Live Nation. A series of other payments surrounding publishing, licensing and other rights, add up to an additional $20 million.
Jay-Z will finish out his contract with Def Jam with a new album before the end of the year.
Check out the clip below from the ACC of Toronto helping out Jay-Z with “Big Pimpin'”.
Shawn Carter will be big pimpin’ indeed.