Hip-Hop juggernaut/artist/mogul Jay-Z has stepped down as the President of Def Jam and is on the verge of signing a ridiculous partnership with Live Nation. The 10-year deal, which could include certain publishing and licensing rights, future touring, recordings, and other entrepreneurial ventures, will go down for no less than a whopping $150 million dollars. Wired.com provided the breakdown:
Jay-Z will get $25 million upfront, $5 million per year for his own label, publishing, and management business, and $10 million for each of three albums to be released over the next ten years. The remaining $45 million will presumably be used for what the New York Times calls “future acquisitions and expansion.”
Jay-Z is still signed to Def Jam Records as an artist and still owes one more album to the label, but he’s already started touring through Live Nation’s “Heart of the City” tour with Mary J Blige. After finishing his final album with Def Jam this year, he could potentially launch his new label Roc Nation, as well as his music publishing, talent consulting and management companies as early as this Winter. Details are still being worked out, but the deal is expected to be finalized shortly. Live Nation has also signed landmark deals with Madonna and U2. Jay-Z is the first Hip-Hop act to jump on board. In other news, Jay and Beyonce recently applied for a marriage license. Lots of big things going on in Shawn Carter’s camp.