In 2008, Jay Z and Live Nation entered into a $150 million, 10-year 360 deal to cover his next three albums, publishing and other assets and the formation of Roc Nation as a joint venture between Jay and Live Nation. With the terms of that deal now nearing completion, a spokesperson for Live Nation today tells Billboard that the promoter has a new deal with Jay in place, and will remain equity partners with Roc Nation.
"Live Nation has a new long term deal with Jay Z and we expect to continue being equity partners in Roc Nation for many years to come," the spokesperson told Billboard in a statement.
While terms of the new deal were not disclosed, the new agreement does not appear to be an extension of the current 360 arrangement, and instead mostly covers his touring business.
Jay Z and Live Nation will continue to operate Roc Nation's management and recorded music business as a joint venture. Live Nation has let many of its 360 recorded-music deals sunset and has largely gotten out of the recorded music business, although through its various joint ventures it does retain some label holdings
Earlier today, Page Six reported on speculation that Jay Z would be shopping Live Nation's stake in Roc Nation to Universal Music Group, Roc's distributor and the longtime home of Def Jam -- which Jay Z ran as president and CEO of the label from 2004 through the end of 2007 -- and his original imprint Roc-A-Fella Records. But another source told Billboard that any speculation that UMG would buy in to Roc Nation was unfounded.
The paper also reported that the end of the original deal would trigger a buy-sell clause, where either Jay or Live Nation would be able to sell their stake in the company or buy the other out; that is also not the case, sources say, and Live Nation's confirmation of a long-term deal seemingly puts that speculation to bed.
A rep for Jay Z did not return a request for comment as of press time. A representative for Universal Music Group declined to comment.
--Additional reporting by Dave Brooks.