Jay-Z on verge of $150 million Live Nation deal

Jay-Z is on the verge of a deal with concert promoter Live Nation worth about $150 million that rivals the biggest music contracts ever, the New York Times reported on its Web site on Wednesday.

Jay-Z was said to be planning to leave his longtime record label, Def Jam, for a package with Live Nation, which includes financing his own entertainment venture as well as recordings and tours over the next decade.

The deal, which sources told the newspaper should be finalized this week, comes after Live Nation earlier this week announced a 12-year agreement to handle the merchandising, digital and branding rights and touring of Irish group U2. [Reuters]