Jay-Z is reportedly set to quit Def Jam and sign a huge $150million deal with Live Nation.

Exactly like Madonna’s $120million deal with the company, the deal will encompass his upcoming recordings, entertainment ventures and tours over the next ten years.

Live Nation are apparently funding a new company called Roc Nation which will encompass every aspect of Jay-Z’s business projects from music to his label and managing.

According to The Wall Street Journal which broke the story, the deal is set to be finalised within the next week.

On Monday U2 confirmed that they had penned a 12-year deal with Live Nation for 12 years. Reportedly worth £60million ($120million), the agreement encompassed everything apart from the Irish band’s records which would be in the hands of their label Universal.

Jay-Z’s deal will line his pockets even further after he sold his Rocawear clothing line for $204million in 2007. In 2006 Forbes claimed he earned $34million from profits alone.

(by Scott Colothan)