Jay-Z to sign $150m music deal

Jay-Z, one of rap's richest and most entrepreneurial stars, who owns a string of nightclubs and sold his clothing line Rocawear for $204m last year, is about to clinch one of his biggest deals yet. The 38-year-old hip hop star is on the verge of leaving his long-time record label Def Jam and signing a $150m contract with Live Nation, the same concert promoter who has recently struck ground-breaking deals with Madonna and U2.

The Jay-Z deal will not only see Live Nation financing the singer's recordings for the next decade, it will also finance a new venture, Roc Nation, likely to include his own label, music publishing and talent consultancies. As the self-described 'Brooklyn hustler' put it recently: "I've turned into the Rolling Stones of hip-hop."

Like many other performers, Jay-Z - real name Shawn Carter - has seen his record sales plummet because of downloading. Live Nation's strategy is to revitalise earning potential elsewhere.

Meanwhile Jay-Z looks set to tie up another deal - with his partner of six years, Beyonce Knowles. The singers (pictured) have reportedly taken out a marriage licence in New York which is valid for 60 days.