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Jay-Z Close to $150M Deal, Becoming First Rapper to Achieve All He Boasts About in Lyrics

Oct. 27 2008, Published 7:07 a.m. ET

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Concert behemoth Live Nation believes Jay-Z—and hip-hop, for that matter—can be the savior of the flailing music industry. Mr. Carter, who's leaving Def Jam, has sold a million (American Gangster) and 3 million (The Black Album) records in two of his latest efforts (let's just forget about Kingdom Come). But a new deal expected to be finalized within a week, the New York Times reports, would give the former hustler from Brooklyn's Marcy projects a historic payday—$150 million. More than Live Nation's deal with Madonna for a reported $120 million. Far more than U2 got. In exchange, Live Nation would back—and have its hands in—everything from Jay's concerts and merchandising to his clothing company and nightclubs. He's not a businessman, after all, he's a business, man. NYT

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