LOS ANGELES (CelebrityAccess MediaWire) — Jay-Z & Live Nation have formalized their agreement as revealed by an SEC filing by the promoter on Thursday and by all appearances, Jay-Z must be psyched. The 8K filing reported a transfer of 750,000 Live Nation shares and an option for another 500,000 shares, exercised at $13.73, to Marcy Media, a company connected with Shawn Carter, AKA Jay-Z.
In addition to the shares, Live Nation is reportedly kicking in $25 million in order to finance Jay-Z's external investments and contribute an addition $5 million a year for 5 years. They will also pony up for 3 albums at $10 million a piece and another $20 million for merch, publishing and licensing rights.
Overall, the deal is worth roughly $150 million and follows a similar model to that adopted by other artists such as Madonna and U2 who've signed up with Live Nation. Additional artists are also rumored to be in the mix for possible "360 deals" and both Shakira and Beyonce are names that have been bandied about as likely candidates for such arrangements. – CelebrityAccess Staff Writers