Jay-Z signs $150 million Live Nation deal

Jay-Z has agreed a $150 million deal with concert promoter Live Nation, the New York Times reports.

The 38-year-old, who currently resides at Universal's Def Jam label, signed a ten-year deal that will see him tour, release records and launch his own talent and management company Roc Nation.

Jay-Z said: "I've turned into the Rolling Stones of hip-hop."

The rapper added: "In a way I want to operate like an indie band. Play the music on tour instead of relying on radio. Hopefully we’ll get some hits out of there and radio will pick it up, but we won’t make it with that in mind."

The deal includes a $25 million up front fee, advance payments of $10 million on a minimum of three albums and $20 million in publishing and licensing rights.

Jay-Z's deal, which follows similar agreements with U2 and Madonna, reinforces Live Nation's desire to bring established artists to the company.

Los Angeles entertainment attorney Jeffrey Light described the traditional record company policy of developing new acts as a "one-in-ten crapshoot".

"I'd much rather be in the business of marketing a superstar who cost me a lot of money than taking the one-in-ten, demonstrably failing crapshoot [of signing unknown talents]," he said.

Jay-Z suggested that the recent trend of music stars leaving the major-label system points younger artists into a new career direction. He said that stars on the up may be thinking: "'Something must be happening. Madonna did it, she’s not slow. Jay-Z, he’s not slow either.'"