Jay Z and Live Nation are continuing their long-standing touring partnership with a new 10-year deal that will cover worldwide touring, with Live Nation as producer and promoter. While financial details were not revealed in the announcement, sources tell Billboard the deal is worth $200 million.
Last month, Billboard reported that Live Nation and Jay had a new deal in place, as their initial 10-year agreement signed in 2008 was nearing its conclusion. That original agreement, a 360-deal worth $150 million that covered three albums, publishing and other assets and helped launch Roc Nation as a joint venture between the two, will be allowed to sunset, with the new deal focusing just on touring. Jay and Live Nation will remain equity partners in Roc Nation moving forward.
“Live Nation and I entered unchartered territory in 2008,” noted Jay in a statement. “Over nine years, we have traveled the world producing historic music experiences. Michael Rapino is an industry visionary, and this renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape.”
“Jay Z is one of the world’s preeminent touring artists,” Live Nation president/CEO Michael Rapino said in a statement. “This strengthens the creative and business partnership of someone that continues to expand his touring base and reach.”
This article originally appeared on Billboard.