Rapper Jay-Z is about to decamp from record label Def Jam and sign a $150 million deal with concert promoter Live Nation, reports the New York Times. The deal, Live Nation's biggest to date, will give the superstar financial backing for tours, his own record label and other related ventures such as talent consulting. It reflects the ongoing scramble in the music business as CD sales plunge and fans download more and more of their music.
Live Nation already has smaller deals with Madonna and U2; this is the company's first foray into hip-hop. “I’ve turned into the Rolling Stones of hip-hop," boasted Jay-Z. “I want to operate like an indie band—play the music on tour instead of radio. Hopefully, we’ll get hits out of there and radio will pick it up, but we won’t make it with that in mind.”