Jay Z and Live Nation have renewed their equity deal.
In 2008, Jay Z and Live Nation entered into a $150 million, 10-year 360 deal to cover his next three albums, publishing and other assets and the formation of Roc Nation as a joint venture between Jay and Live Nation. With the terms of that deal now nearing completion, a spokesperson for Live Nation revealed that the promoter has a new deal with Jay in place, and will remain equity partners with Roc Nation.
“Live Nation has a new long term deal with Jay Z and we expect to continue being equity partners in Roc Nation for many years to come,” the spokesperson shared in a statement.
While terms of the new deal were not disclosed, the new agreement does not appear to be an extension of the current 360 arrangement, and instead mostly covers his touring business.
Jay Z and Live Nation will continue to operate Roc Nation’s management and recorded music business as a joint venture. Live Nation has let many of its 360 recorded-music deals sunset and has largely gotten out of the recorded music business, although through its various joint ventures it does retain some label holdings.
(source: Billboard)
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