According to Billboard.com, Jay-Z signed a deal with Live Nation. The $150 million contract is for 10 years, and would give the 38-year-old the freedom to create his own record label, publish, consult, and manage his albums. There are rumours that Live Nation has already given Jay-Z $10 million to make three albums.
Last December, Jay-Z announced that he was stepping down as president of Def Jam Records. He stated that his decision was not about money. "It’s really about trying to invest in the future, trying to invest in maybe coming up with a new model. Because going in hard making records with artists and throwing those records into a system that’s flawed is not exciting for me," explained Jay-Z.
In addition to Jay-Z, Live Nation has signed on other artists such as Madonna and U2.