A $150 million deal is about to be closed this week between rapper Jay-Z and concert promoter Live Nation Inc., New York Times reported Wednesday on its Web site. This means that the company will finance the 38-year-old rapper's own entertainment venture, as well as recordings and tours over the next decade.

The arrangement assumes that Jay-Z would get a $25 million upfront payment, plus advance payments of $10 million per album for a minimum of three albums, $25 million for concert tours, and also some $20 million in exchange for publishing, licensing and other rights.

Even though Jay-Z, whose real name is Shawn Carter, has reached difficulties in his record sales, the rapper managed to  remain in the top of  Forbes magazine’s annual list of "Hip-Hop Cash Kings" with estimated earnings of $34 million in 2006. How he did that? Off course, through other business ventures, like his Rocawear clothing line, which he sold last year for $204 million, and also his 40/40 nightclub-chain.

Also, the deal with Live Nation involves the concert promoter funding Jay-Z’s entertainment venture, called Roc Nation, which will include his own record label, music publishing, talent consulting and managing projects. Times cited the rapper: "I've turned into the Rolling Stones of hip-hop.”

It has been earlier reported that Live Nation have also closed a 12-year agreement with the Irish band U2, which implies the company to handle the merchandising, digital and branding rights and touring. Also, Madonna has also closed a $120 million-deal with the concert promoter five months ago.

Furthermore, we have learned that after one more studio album, Jay-Z will leave his longtime record label, Def Jam. For a three-year period, the rapper was the president of the record label. However, due to some disagreements with the label’s corporate parent, Universal Music Group, Jay-Z stepped down.