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Music artist Jay-Z is near to sign a contract with Live Nation for $150 million dollars, possibly one of the largest contracts awarded to a musician, reports said.
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Recognized Hip-Hop rapper, Jay-Z, -whose original name is Shawn Corey Carter, is said to be negotiating with Live Nation for a 10 year contract giving the concert promoter a stake in virtually every aspect of Jay-Z's professional life.
"I've turned into the Rolling Stones of hip-hop," said Jay-Z in an interview with the New York Times.
The overall package for the artist includes an upfront payment of $25 million, a general advance of $25 million (which includes fees for Jay-Z's current tour) and an advanced payment of $10 million an album for a minimum of three albums during one decade, the Times reported, quoting people in the music industry.
Live Nation would pay Jay-Z about $20 million for publishing, licensing and other rights, and put up $50 million toward a joint venture dubbed Roc Nation through which Jay-Z would sign artists and engage in other entertainment projects, the person said.
The artist commented Live Nation was synchronized with the current emerging potential to reach the consumers in many different ways, according to the report.
The company has signed contracts with other major figures of world's music such as Madonna in 2007 for $120 million and U2 this week for an unknown amount.
Jay-Z is performing tonight in the TD Banknorth Garden in Boston, MA.
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