Jay Z signs 10-year deal with tour promoter Live Nation
The rapper is said to have signed up to a £155 million new contract.
Jay Z has reportedly signed a $200 million (£155 million), 10-year deal with tour promoter Live Nation.
The rapper announced his ongoing relationship with the company which began in 2008, while an anonymous source is said to have revealed the price tag associated with the deal.
The anonymous source who is close to the situation but forbidden to talk about it publicly told The Associated Press that Jay Z earned $200 million for the partnership.
Jay Z said in a statement: “Live Nation and I entered unchartered territory in 2008. Over nine years, we have travelled the world producing historic music experiences.
“(Live Nation president and chief executive officer) Michael Rapino is an industry visionary, and this renewed partnership is a testament to our long-standing relationship and the talented individuals at Live Nation.
“For the next 10 years, we will continue redefining the live event landscape.”
Live Nation has produced a number of Jay Z’s successful live shows, including his recent collaborative tours with his wife Beyonce and with Justin Timberlake.
In 2007, Live Nation signed a $120 million deal with Madonna.
Jay Z’s contract will see him tied to touring with the promoter until he is 57.