The deal made by Jay-Z, the rap mogul with Live Nation is coming to an end. The agreement was signed in 2008 and was valued at $ 150 million. The 360 deal is set to expire in 2018. The end of the contract means that any party has the right to sell its stock to Roc Nation or absorb the company wholly. Rumors have it that Live Nation intention is to keep the touring deal with Jay-Z and back out of the record sales deal. While buying artists rights and record music is a lucrative business, a source’s information indicated that Live Nation no-longer dealt in such business. The part of the 360 agreement saw Live Nation purchase the artist’s rights and recorded music. The contract would not be extended hence terminating the business relationship.
Roc Nation is composed of about five top-ranked artists in the United States. The artists deal with diversified genres of music including rap and hip-hop. Jay-Z and Roc Nation executive Desiree Perez held a meeting with the chairman and chief executive officer of Universal Music Group. The meeting sparked speculations that Roc Nation would sell part of its stake to UMG. A deal between the two companies will provide Jay-Z with enough finances to improve his streaming service, Tidal. The streaming app is competing with Apple Spotify services. Currently, UMG has a small percentage in Roc Nation, but with another deal, UMG stands to own a more substantial stake in Roc Nation artists.
Desiree Perez is a close associate to Jay-Z and chief operating officer of Roc Nation. She took up the role at Roc Nation in 2009. Since then, Perez has helped the label in several areas including management, publishing, and labeling. Most importantly, she uses her negotiation skills to land the group of artists with better deals. Desiree is also good at numbers and has enabled the company to grow. She was instrumental in Rihanna Samsung deal. and Follow him Twitter.com