Jay Z’s Roc Nation isn’t breaking ties with Live Nation, after all. With the companies’ landmark deal coming to an end in 2018, Hov has decided to continue the partnership with another long-term agreement.
The terms of the deal have not been disclosed, but Billboard reports it will not be an extension of the "360," $150 million contract that was inked in 2008. Instead, this deal will primarily cover Jay’s touring business, with Live Nation and Roc Nation continuing to handle management and the recorded music side as a joint venture.
"Live Nation has a new long term deal with Jay Z and we expect to continue being equity partners in Roc Nation for many years to come," a Live Nation spokesperson told Billboard in a statement.
Earlier this week, there were rumors Jay would end his longstanding relationship with the promotional company and sell its stake in Roc Nation to Universal Music Group. The rumors made sense, considering Jay and UMG’s longstanding relationship. Not only is UMG Roc Nation’s distributor, it is also home to Def Jam Records, which was operated by Jay from 2004-2007. A representative for UMG told Page Six they were never in talks to purchase Live Nation’s stake, but would, of course, welcome an expansion of their partnership.
“Our partnership is pretty significant as it is. Jay Z is phenomenal, and it would be great to get further into business with him,” the representative told Page Six. “There has not been a discussion about the fact that the Roc Nation’s deal with Live Nation is coming up.”