Jay Z joins Live Nation family for another decade at $200 million
Rap superstar Jay Z signed a $150 million, ten-year, deal with concert booking ticket seller Live Nation way back in 2008 – now, he’s signed another one, for another decade, for $200 million. Details are not forthcoming on the particulars of the exclusive worldwide pact, but it appears to be focused on live music, unlike Jay Z’s last deal with the company, which provided advances for albums.
Live Nation’s share price is up almost 11% over the last month
SOURCE: Yahoo Finance
Michael Rapino, Live Nation’s president and CEO, was quick to highlights the value that Jay Z brings to the business:
“Jay Z is one of the world’s most preeminent touring artists. This strengthens the creative and business partnership of someone that continues to expand his touring base and reach.”
Jay Z also opined on the importance of the deal, and sketched a broad outline of how he sees it affecting the global music landscape:
“Live Nation and I entered unchartered territory in 2008. Over nine years, we have traveled the world producing historic music experiences. 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 ten years, we will continue redefining the live event landscape."
According to Forbes, Jay Z is now worth $810 million, and he co-owns a joint venture, Roc Nation, with Live Nation. This deal is not expected to affect that venture.
Dominion holds Live Nation in its Global Trends Luxury Fund.
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