Live Nation Close to Financing Jay-Z's Various Ventures
A massive deal may well be on the way between Jay-Z and Live Nation. A partnership, reportedly worth $150 million, is being offered to the rapper by the concert promoter to launch a new business venture called Roc Nation which name is derived from Jay's label Roc-A-Fella. It is expected to be finalized this week, New York Times reported.
Should the deal is struck, Live Nation would finance the start-up cost of Jay-Z's ventures that may include touring, a new music label, managing, publishing and merchandising for the next decade and its profit will then be split with the promoter. For a start, Live Nation has been backing Jay's current tour with Mary J. Blige which runs over 20 dates.
Jay is still due to release one more album for Def Jam where he resigned as its CEO late last year due to the label's refusal of a more lucrative deal. He is then bound to release three albums within ten years with each album being paid $10 million in advance. Live Nation chairman Michael Kohl revealed the reason tying a deal with Jay, reasoning "What (Jay-Z's) done has kind of mirrored what we want to do and where we think we're going."
This deal, as Jay described, is a bridge "to reach the consumer in so many different ways right now. Everyone's trying to figure it out. I want to be on the front lines in that fight."
Live Nation has successfully struck a deal with two big artists, Madonna and U2 prior to this.
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