Jay Z is about to be free, his 360 deal is coming to an end and the company may not re-sign his contract.
This is all because Live Nation is no longer in the business of buying recorded music.
According to Page Six:
Jay signed an epic 10-year deal with Live Nation in 2008 for $150 million.
That “360 deal” is up next year, which could trigger a “buy-sell,” meaning either side could sell their stake in Roc Nation to the other or buy the company outright.
Sources say Live Nation hopes to continue its lucrative touring deal with Jay, but is backing out of the recorded music side.
Jay and his top Roc Nation exec Desiree Perez met with Sir Lucian Grainge, the chairman and CEO of Universal Music Group, at his Santa Monica, Calif., offices on Wednesday — sparking speculation that UMG could buy a stake in Roc Nation.
The move could give Jay more resources to develop new artists and bolster his streaming service Tidal, which is in a tough turf war against the larger Apple Music and Spotify services.
His official contract expires in 2018..