The 10-year, $150 million deal between the 'Empire State of Mind' hitmaker and the live-events company has reportedly been renewed.
Jay-Z reportedly renews a deal with Live Nation. The "Empire State of Mind" rapper signed a $150 million, 10-year 360 deal with the live-events company back in 2008 to cover his next three albums, publishing and other assets and the formation of Roc Nation.
A representative for Live Nation tells Billboard that the promoter has a new deal with Beyonce Knowles' husband in place and it will remain equity partners with Roc Nation. "Live Nation has a new long term deal with Jay-Z and we expect to continue being equity partners in Roc Nation for many years to come," says the rep.
While terms of the new deal were not disclosed, the new agreement does not appear to be an extension of the current 360 arrangement, and instead mostly covers Jay-Z's touring business.
While a source told Page Six that Jay-Z would be shopping Live Nation's stake in Roc Nation to Universal Music Group, another insider tells Billboard that any speculation that UMG would buy in to Roc Nation was unfounded.
Representatives for Jay-Z and Universal Music Group haven't responded to a request for comment yet.