Jay Z has signed a $200 million, 10-year deal with tour promoter Live Nation.
The rap icon announced the deal Thursday. It continues his relationship with the world’s biggest live-entertainment company, a connection that began in 2008.
Jay Z, the professional name of Shawn Carter, will earn $200 million for the new deal, according to a person close to the situation, who spoke to The Associated Press on the condition of anonymity because the person was not allowed to publicly talk about the topic.
Variety also reported on the rich deal, which includes worldwide touring and will see Live Nation producing and promoting Jay Z concert events.
“Over 9 years, we have traveled the world producing historic music experiences,” Jay Z said in a statement. “This renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape.”
Live Nation has produced a number of Jay Z’s successful live shows, including his recent collaborative tours with his wife, Beyoncé, and Justin Timberlake.
Jay Z, 47, will be performing live a good amount this year: He’s slated to headline a number of music festivals, including Austin City Limits, the Meadows Music and Arts Festival, and his own Made In America festival.
He turned up as #2 on Forbes‘ list of 2017’s wealthiest rappers. Jay Z’s net worth skyrocketed 30% over the past year, following Sprint’s $200 million investment in his Tidal streaming service, bringing his overall fortunes to $810 million, just $10 million shy of Sean ‘Diddy’ Combs, who topped the list.