Jay-Z linked to $150 million deal with Live Nation

Hip-hop artist Jay-Z could be set to follow U2 and Madonna in signing a multi-million dollar deal with concert promoter Live Nation.

Reports from the states claimed on Thursday that the 38-year-old rapper is set to agree a $150 million (£75 million) contract with Live Nation.

According to the New York Times and Wall Street Journal among others, the deal would encompass almost every aspect of Jay-Z's career.

Last month Live Nation announced a similar deal with U2, although the rock group's recording rights were left with Universal.

Reports on the mooted Jay-Z deal say the contract will cover the next decade and involve a $25 million (£12.5 million) upfront fee and then $10 million (£5 million) per album.

The deal will reportedly create Jay-Z's own music venture – Roc Nation – which will incorporate publishing, licensing and other rights.

The New York Times quoted the singer, real name Shawn Carter, as saying he was the "Rolling Stones of hip-hop".

Jay-Z would have to end his association with Def Jam for the deal to go ahead, although the rapper is still contracted for one more album with the record label.