Just recently, Jay-Z made headlines after he and his partners sold their popular 40/40 Club in Las Vegas [click to read], calling it "a great business decision."
This past weekend, Jay-Z stirred up publicity again after The New York Times reported that he has added a new business project to his long list of corporate ventures by launching a new music label with songwriting/production duo Stargate (Mikkel S. Eriksen and Tor Erik Hermansen). The Norwegian production team has produced hits such as Ne-Yo's "Closer," Beyonce's "Irreplaceble," and Rihanna's "Take a Bow," and will take part in a 50/50 partnership with Roc Nation, Jay-Z's entertainment start-up.
According to one spokesperson for Jay, The label, deemed StarRoc, will be located at the rapper's Roc the Mic studio in New York, and will produce its artists through a 360 deal. The deal will give StarRoc the ability to cover everything from record sales, touring, and other aspects of an artist's output. The contract is similar to the one that Jay signed with Live Nation earlier this year for a reported $150 million [click to read].
As former CEO of Rocawear and Roc-A-Fella, and present co-owner of the New Jersey Nets, Jay is no stranger to the business game. In addition to all of the business deals he is partaking in now, he is also expected to drop the Blueprint 3, his 11th and final album for Def Jam [click to read].
The Blueprint 3 will be out reportedly before the end of the year.
Reported by Salima Koroma.