Rap star and music executive Jay Z is reportedly seeking new investors for his recorded-music business at Roc Nation.
The 47-year-old star signed a 10-year deal with Live Nation in 2008 for $150 million, but with that agreement close to expiring, the music mogul has now started sounding out other industry figures about taking a stake in the business.
Under the terms of their agreement, Jay Z and Live Nation can either sell their stake in Roc Nation to the other party or buy the company outright.
Live Nation, for its part, hopes to continue its touring deal with Jay Z, but is withdrawing its backing for the recorded-music side of the business, reported New York Post.
“Jay's 360 deal with Live Nation is not being extended. Live Nation had bought into the artists' rights and recorded music, but they are not extending any of those relationships. Live Nation is not in the business of buying recorded music any more,” a source said.
Roc Nation boasts a star-studded list of recording artists, including Jay, Rihanna, Meek Mill, and Shakira. But Live Nation is only keen to extend its touring agreement.