Concert promoter Live Nation Inc. said Thursday it was in talks with rap mogul Jay-Z over a potential business deal.
The company, however, stopped short of confirming published reports that the deal would give Live Nation a stake in virtually every aspect of Jay-Z’s career and land him a potential windfall in excess of $100 million.
A person familiar with the negotiations between Live Nation and Jay-Z told The Associated Press the proposed 10-year deal was worth about $150 million and would cover three albums.
The person requested anonymity because of the confidential nature of the ongoing talks.
An e-mail seeking comment from representative of Jay-Z, whose real name is Shawn Carter, at William Morris Agency was not immediately returned.
Under the proposed deal, Jay-Z would be paid about $25 million upfront, another $25 million toward concert tours, and advances of $10 million for each of at least three albums, the person said.
Live Nation would pay Jay-Z about $20 million for publishing, licensing and other rights, and put up $50 million toward a joint venture dubbed Roc Nation through which Jay-Z would sign artists and engage in other entertainment projects, the person said.
Live Nation is currently producing a tour with Jay-Z and Mary J. Blige.
Jay-Z still owes his current label, Def Jam, another studio album.
He was president of Def Jam for three years but stepped down in December because he and the label’s corporate parent, Universal Music Group, could not agree on a new contract.
Los Angeles-based Live Nation also struck recent deals with Madonna and U2.