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Rumors that rapper and record executive Shawn’ Jay Z’ Carter is signing a $150 million deal with Live Nation have been confirmed.

According to times online, The Live Nation deal, which is yet to be formally announced, is a “360degree” deal that will give the concert promoter a financial position in virtually every aspect of the rapper’s career.

Jay-Z is expected to get a $25m payment upfront, $10m in advances for each of three albums, $25m towards concert performances and $20m for the publishing rights that he owns. He will also get $25m in overheads to run his side projects with $25m more available to finance acquisitions or investments.

He and Live Nation will split any profits 50/50