Shawn Carter, better known by his stage name Jay Z, has signed an exclusive touring deal with Live Nation Entertainment Inc. , extending the rapper's longstanding partnership with one of the world's biggest producers of live music concerts. The deal, worth $200 million according to Variety, will see the Grammy-winning artist tour worldwide until the age of 57. Under the deal Live Nation will produce and promote Jay Z's concert events. "Live Nation and I entered uncharted territory in 2008," Jay Z said in a statement. "[Live Nation Chief Executive Michael Rapino] is an industry visionary, and his renewed partnership is a testament to our longstanding relationship... For the next 10 years, we will continue redefining the live event landscape." Jay Z is also the majority owner of the streaming service Tidal. Shares of Live Nation are up nearly 28% in the year to date and more than 46% in the trailing 12-month period. The S&P 500 index is up nearly 7% in the year and 16% in the last 12 months.
Copyright © 2017 MarketWatch, Inc.