(Photo Credit: Larry Busacca/Getty Images)
Hip Hop’s first billionaire.
Forbes Hip Hop Cash Kings list was released yesterday (May 11), and it showed that Jay Z was holding the #2 spot being worth $810 million.
Then Hova went and made another huge deal that could help cross the line towards billionaire status. According to latest reports he and Live Nation just closed a renewal of their deal that will keep the two partners together until 2027.
According to Variety:
The deal, which recalls Live Nation’s 2007 $120 million deal with Madonna, will see Jay Z under a touring contract with the company until he is 57 years old. His recorded-music output has tailed off in recent years but he continues to tour regularly and has four shows scheduled for September, including one at his annual Made in America festival in Philadelphia over Labor Day weekend.
The 10 year deal is reportedly worth about $200 million.
Jay Z released a statement following the announcement of the deal.
“Live Nation and I entered unchartered territory in 2008,” he said. “Over nine years, we have traveled the world producing historic music experiences. [Live Nation president and chief executive officer] Michael Rapino is an industry visionary, and this renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape.”
Not bad for a rapper from the Marcy Projects.