Live Nation Inc. said Thursday that it signed a 10-year agreement with rapper Jay-Z that includes live shows, recordings and money the performer can invest in new ventures.
Jay-Z whose real name is Shawn Carter received options to buy 500,000 shares of Live Nation stock at $13.73 each, the Beverly Hills-based company said in a regulatory filing. Shares in Live Nation closed Thursday at $14.40. Additional financial terms aren't being released, but when the deal was reported in April, sources said it was worth close to $150 million.
Last year, Live Nation signed a similar deal with Madonna and has already announced its plans to start its own ticketing business when its agreement with West Hollywood-based Ticketmaster expires in 2009.
Shares in Live Nation closed up 4.4 percent to $14.40 on Thursday.
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