Jay-Z drafts gigantic deal with Live Nation

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Hot on the heels of the announcement that U2 has signed a 12-year deal with Live Nation, rapper Jay-Z and the behemoth concert promoters have announced they're working on an agreement of their own.

Hova plans to leave his longtime label home at Def Jam, The New York Times reports, for a staggering $150 million contract with Live Nation. He was president of the Universal Music Group subsidiary for three years before he stepped down last year, and is obligated to record one last album for the label before departing. His Live Nation deal is the most comprehensive so far, and could encompass several aspects of his career, from touring and merchandising to image licensing, publishing and sponsorships. It will also most likely finance his own label and management firm.

Madonna  was the first artist to sign with Live Nation, and did so in October, to the tune of $120 million over 10 years. The success of this business model in the current environment of faltering record sales (especially for these particular artists) has yet to reveal itself.

Jay-Z's busy right now on his "Heart of the City Tour" with Mary J. Blige, culminating in three back-to-back dates at New York's Madison Square Garden. His most recent record, American Gangster, released last year on Roc-A-Fella Records, has sold a million copies.

He's heading to the heart of these cities:

5 - Greensboro, N.C @ Greensboro Coliseum
6 - Washington D.C. @ Verizon Center
8 - Atlanta, Ga. @ Philips Arena
9 - New Orleans, La. @ New Orleans Arena
10 - Houston, Texas @ Toyota Center
12 - Dallas, Texas @ Superpages.com Center
15 - Irvine, Calif. @ Verizon Wireless Center
16 - Los Angeles, Calif. @ Hollywood Bowl
18 - Irvine, Calif. @ Verizon Wireless Amphitheater
19 - Las Vegas, Nev. @ MGM Grand Garden Arena
19 - Las Vegas, Nev. @ MGM Grand Garden Arena
20 - Oakland, Calif. @ Oracle Arena
25 - Detroit, Mich. @ Palace at Auburn Hills

2 - New York, N.Y. @ Madison Square Garden
6 - New York, N.Y. @ Madison Square Garden
7 - New York, N.Y. @ Madison Square Garden

Related links:
Jay-Z on MySpace

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