Jay Z’s lucrative $150 million deal with Live Nation will be ending in 2018. However, the rap king is signaling other industry bigwigs about a possible partnership with Roc Nation, his recorded music company. The ten-year landmark $150 million deal, popularly known as “the 360 deal” was signed in 2008. Additional article to read on pagesix.com.
Although Live Nation looks forward to extending this lucrative deal, sources within the firm confirmed that Live Nation is no longer interested in the business of recorded music. Other sources within the music industry confirmed that Live Nation would not be extending the 360 deal. Although Live Nation had bought stakes in Roc Nation’s artists’ rights and their recorded music, they are no longer into the recorded music business. On the other hand, Live Nation is committed to extending their lucrative venerable touring relationship with the rap mogul.
Jay and Roc Nation’s executive Desiree Perez met with the CEO and chairman of Universal Music Group. The meeting has sparked rumors that UMG could be buying a stake at Jay Z’s Roc Nation. If the deal is signed, Jay Z will have more resources to strengthen new artists as well as boost up Tidal, which is facing fierce competition from Apple and Spotify Music services.
Although UMG has an existing distribution deal with Roc Nation, the deal is just a small percentage of their business. Given that Roc Nation has signed several major players including Shakira, Meek Mill, Jay Z, Fat Joe and Jay Z, deal with it could be very beneficial to Universal Music Group. Additional reading here
Desiree Perez has made her name in the music industry, not as a singer but as a music manager with unmatched negotiation skills. Insiders from her circle have attributed Rihanna’s lucrative deal with Samsung to her excellent negotiation skills. Currently, she is the executive of Jay Z’s Roc Nation, where she is responsible for label management and publishing. For timeline updates, click crunchbase.com.