The New York Times is reporting that Jay-Z plans to depart Def Jam for a roughly $150 million package with the concert giant Live Nation that includes financing for his own entertainment venture, in addition to recordings and tours for the next decade.
The pact, expected to be finalized this week, is the most expansive deal yet from Live Nation, which has already struck less comprehensive deals with Madonna ($120 million) and U2. The venture, to be called Roc Nation, will split profits with Live Nation. Jay will release a minimum of three albums during the deal’s 10-year term and receive an advance of $10 million per album.
The rapper’s final album for Def Jam is expected to be released later this year.