The previously reported deal between live music conglom and hip hop uber-mogul and Glastonbury favourite Jay-Z has been completed. US media report the deal was signed last Wednesday, and that an SEC filing the next day reveals that Mr Z will get 775,434 shares in the live music company as part of the deal, with an option on an additional 500,000.
According to HitsDailyDouble the $150 million that the deal is worth splits down into $5 million a year for five years to run Jay's new company Roc Nation, $25 million to fund some acquisitions, a $10 million per album budget for three albums, plus a $20 million payment for rights to various other Jay-Z assets, including publishing. Though the rapper is already in a publishing deal with EMI Music Publishing, so HDD reckons Live Nation will only get a cut of Jay's cut from the EMI deal from publishing revenues.
I'm not sure if that adds up to $150 million (it's too sunny to add things up) but I am sure that's a pretty good deal for the hip hop man. I hope for Live Nation's sake he can make the new venture a success.