Jay Z is said to be on the verge of inking a major 10-year deal with concert promoter Live Nation, worth a whopping $150 million! In one of the most lucrative music contracts ever, the New York Times reports.

Jay-Z, who is likely to release his final album on Def Jam this year, is negotiating a package with Live Nation which includes financing his own entertainment venture as well as recordings and tours over the next decade. The deal is looked at a new model for the music industry as album sales are down across the board.

Live Nation is currently promoting The Heart of the City Tour with Mary J. Blige, his first major tour in 3 years.

I just want to know how can I be down? Like seriously! Can I get on your payroll. You can't even hate on that, just hustle harder...

In other Jay Z news, word on the curb is that the wedding will be on Friday [Confirmed by my homie at the E-Biz] and he held a bachelors party in Canada last night. We'll have to keep waiting for something official, though. I'm still skeptical, but I want it to be true.

Labels: Beyonce, Jay Z