Thursday, May 28, 2009

Jay Z and Sony Make a Deal

Rapper Jay-Z is close to signing a deal that will bring his future recordings to Sony, sources told Billboard.

The deal, which will link Jay-Z's Roc Nation releases with Sony's Epic Records for distribution, "is 95% complete," according to people familiar with the negotiations. A formal announcement is expected in the coming weeks.

Just last week, Jay-Z confirmed his departure from longtime label homeDef Jam, where he was once president and CEO. His split from theUniversal Music Group-owned label reportedly cost him $5 million, but left him in control of his future master recordings. Jay-Z's eleven solo records (including the live "Unplugged" album) and collaborations with Linkin Park and R. Kelly have sold more than 29 million units according toNielsen SoundScan.

Last year, Jay-Z and concert promoter Live Nation struck a wide-ranging deal that included touring, publishing and albums. The roughly $150 million pact includes a partnership in Roc Nation, as well as the rapper's own recordings and tours for the next 10 years.


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