Jay-Z Closes $150 Million Live Nation Deal

Jay-Z has officially closed his $150 million 360 deal with Live Nation Inc., sources report.

Live Nation Inc. on Wednesday, filed a Form-8K with the SEC which states that Jay-Z's Marcy Media will receive 775,434 Live Nation shares, plus an option on an additional 500,000 with the exercise price of $13.73.

As part of the partnership, to be called Roc Nation, Live Nation would finance future start-up ventures by Jay-Z, which could include his own label, music publishing, and artist consulting and managing.

The 10 year agreement will see Live Nation paying Jay-Z $25 million upfront, plus advance payments of $10 million per album for a minimum of three albums and $25 million toward concert tours. The company would also pay $20 million in exchange for publishing, licensing and other rights.

Live Nation is already producing the current Jay-Z/Mary J. Blige tour, which is on track to gross in excess of $33 Million dollars over the virtually sold out 28 performances currently scheduled across the U.S. and Canada.

Live Nation has signed similar deals with Madonna and U2, it has also announced its plans to start its own ticketing business when its agreement with Ticketmaster expires in 2009.