Jay Z Closer To Billionaire Status With $200 Million Live Nation Deal
Jay Z may be one step closer to becoming hip-hop's first billionaire. The day after appearing on an annual shortlist of hip-hop's wealthiest artists. With an estimated net worth of $810 million, the rapper and entrepreneur has announced a new deal with Live Nation that could put him over the top, Variety reports.
The 10-year deal, said to be worth $200 million, is the mogul's second with the live entertainment giant; a decade-long 360 deal beginning in 2008 earned Jay Z a reported $150 million, according to Billboard.
"Live Nation and I entered unchartered territory in 2008," Jay Z said in a statement, calling Live Nation president and CEO Michael Rapino "an industry visionary." The original contract included touring, music publishing, the release of three albums and a joint venture that begat Roc Nation. The new deal is limited to touring. "For the next 10 years, we will continue redefining the live event landscape," he continued.
The Brooklyn native ranks second among this week's Richest In Hip-Hop Of 2017 from Forbes, with his Tidal streaming service valued at $600 million — which he bought for $56 million in early 2015 — thanks to a $200 million investment from Sprint at the top of this year.
And what of a new album in 2017 to complement the renewed agreement? With the recent announcement that Jay Z will be headlining his own Made in America Festival this September in Philadelphia, don't be shocked if a surprise album drops between now and then.
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