Jay Z is inching closer to billionaire status as he just re-upped with Live Nation and signed a new $200 million, 10-year deal with the concert tour promoter. Hov and Live Nation first began their union in 2008.
Jay Z will earn $200 million for the new deal, according to a person close to the situation, who spoke to The Associated Press on the condition of anonymity because the person was not allowed to publicly talk about the topic.
Variety also reported on the rich deal, which includes worldwide touring and will see Live Nation producing and promoting Jay Z concert events.
“Over 9 years, we have traveled the world producing historic music experiences,” Jay Z said in a statement. “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.”
Live Nation has produced a number of Jigga’s concerts, including his recent collaborative tours with his wife, Beyoncé, and Justin Timberlake.
In related news, Diddy, Jay Z and Dr. Dre continue their reign among the elite as Hip-Hop’s most wealthy. On Wednesday (May 10), Forbes released its annual list of hip-hop’s wealthiest artists of 2017. Thanks to lucrative alcohol companies and multi-million dollar entertainment ventures, Diddy and Jay Z are the wealthiest men in Hip-Hop, according to the publication.
Sean Combs, aka Diddy, made the top of the list with a net worth of around $820 million, all thanks to an ongoing partnership with Ciroc vodka, DeLeon tequila, as well as his investment in the TV network Revolt and his continued presence in the music industry.
Next up is Jay Z, with a jaw-dropping $810 million. Forbes notes Hov increased his wealth by 30 percent after Sprint’s $200 million investment reportedly put the value of his music-streaming service Tidal, at $600 million. According to Forbes, that’s more than 10 times what he paid for the company two years ago.
He called it, “I’m a business, man.”
