( dpa ) - Hip hop superstar Jay-Z has announced plans to depart Def Jam records in favour of a 150-million-dollar deal with concert giant Live Nation.
The deal would encompass record releases, touring revenue, merchandising, promotions and other areas, and would be one of the largest deals ever signed by a music act, beating out last year's 120-million-dollar deal between Madonna and Live Nation.
Under the terms of the deal, Live Nation will post Jay-Z, born Shawn Carter, with 5 million dollars in seed money annually for his own label, publishing arm and management company, with significantly more funds available for future acquisitions and expansion.
He will also receive a 25-million-dollar upfront payment and 10 million dollars per album for a minimum of three albums over the next decade.