May 03, 2008 04:45:06 GMT
The major contract deal between rapper and the company reportedly has been finalized on May 30.
New development regarding Jay-Z's contract deal with concert promoter company Live Nation has just surfaced on the media. Latest report from Billboard, claims that the company has secured the deal with the rapper on May 30.
Revealing more details about the agreement, report says that Jay-Z will be getting 775,434 shares and also an option for another 500,000 for the price of $13.73, which will go to Jay-Z's affiliated company Marcy Media. Marcy Media is also connected with the joint entertainment company between the rapper and Live Nation called Roc Nation LLC.
Previously, it was reported by New York Times on April 2, that Jay-Z and the concert promoter were getting close on engaging a major deal worth $150 million. The deal will see both Jay-Z and Live Nation teaming up and formed a joint venture called Roc Nation.
Not only that, the company will also finance the rapper's own recordings and his tours for the next 10 years. Live Nation reportedly is also expected to give $5 million each year in overhead of 5 years plus adding another $25 million to pay for Jay-Z's acquisition and investments.
To get the deal the "I Know" rapper had to part ways with his previous recording company Def Jam Records in which he also serves as the CEO. He announced his retirement from Def Jam on December 24, 2007 and officially left the company on January 1, 2008.