Jay-Z to join Madonna's 'label' in $150million deal

Rapper set to sign 'one of the biggest music contracts ever'

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Jay-Z is set to sign a $150 million contract with concert promoter LiveNation, a deal similar to those already signed by Madonna and U2.

The deal will see LiveNation presiding over all Jay-Z's music affairs, including merchandising and live shows, as opposed to simply recorded music.

Jay-Z is set to leave his current label, Def Jam, after he delivers the final studio album he owes them, reports the New York Times.

The rapper's new LiveNation deal will see the company helping to finance Jay-Z's business interests, taking a share in profits as part of an 'umbrella deal'.

Jay-Z will receive an initial payment of $25 million as part of the deal.

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