Jay Z, Live Nation Sign New 10-Year, $200 Million Touring Deal
While the agreement does not include recorded music, it's yet another sign that the Brooklyn rapper turned entertainment mogul is re-engaging his career as a performer after an extended hiatus.
Jay Z and Live Nation are continuing their long-standing touring partnership with a new 10-year deal that will cover worldwide touring, with Live Nation as producer and promoter. While financial details were not revealed in Thursday's announcement, sources tell Billboard the deal is worth $200 million.
Last month, Billboard reported that Live Nation and Jay had a new deal in place, as their initial 10-year agreement signed in 2008 was nearing its conclusion. That original agreement, a 360-deal worth $150 million that covered three albums, publishing and other assets and helped launch Roc Nation as a joint venture between the two, will be allowed to sunset, with the new deal focusing just on touring. Jay and Live Nation will remain equity partners in Roc Nation moving forward.
"Live Nation and I entered unchartered territory in 2008," Jay Z said in a statement. "Over nine years, we have traveled the world producing historic music experiences. [Live Nation president/CEO] Michael Rapino is an industry visionary, and this renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape."
Said Rapino: "Jay Z is one of the world’s preeminent touring artists. This strengthens the creative and business partnership of someone that continues to expand his touring base and reach."
While the agreement does not include recorded music, it's yet another sign that the Brooklyn rapper turned entertainment mogul is re-engaging his career as a performer after an extended hiatus. With scheduled performances at his own Made In America Festival as well as Meadows Festival and Austin City Limits, he'll be performing headlining sets for the first time since 2014's joint On The Run Tour with Beyoncé, and his first solo tour since going out on the road in 2013 to support his last album, Magna Carta...Holy Grail.
Jay Z has also notably stepped back into the ring on wax, doling out verses for Fat Joe and Remy Ma, Pusha T, Frank Ocean and DJ Khaled, among others, in recent months. With a new touring deal now also in place, could a new tour and album both be on the way?
This story first appeared on Billboard.com