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Jay-Z and Live Nation Near $150 Deal, New Record Label

April 3, 2008 10:30 AM ET

Jay-Z is reportedly on the verge of inking a new $150 million deal with concert promotion giant Live Nation. The deal will encompass all of Jay's concerts, endorsements and recordings over the next decade, as well as provide the rapper a platform to launch Roc Nation, Jay's own label, music publishing and talent managing company. Jay-Z, who previously served as Def Jam's CEO for three years until he and Universal Music Group couldn't agree to a new contract, still owes his former label one more album, set for release later this year. The Brooklyn rapper becomes the third powerhouse veteran artist to join forces with Live Nation since October, as both Madonna and U2 have signed on with the ever-expanding empire.

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Song Stories

“American Girl”

Tom Petty and the Heartbreakers | 1976

It turns out that a single with "American" in its title--recorded on the Fourth of July during the nation's Bicentennial, no less--can actually sell better in Britain. Coupled with the Heartbreakers' flair for Byrds jangle and Animals hooks, though, is Tom Petty's native-Florida drawl that keeps this classic grounded at home. Petty dispelled rumors that the song was about a suicidal student, explaining that the inspiration came from when he was 25 and used to salute the highway traffic outside his apartment window. "It sounded like the ocean to me," he recalled. "That was my ocean. My Malibu. Where I heard the waves crash, but it was just the cars going by."

More Song Stories entries »
 
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