Jay-Z is reportedly close to finalizing a $150 million deal with concert promoter Live Nation to launch a venture called Roc Nation.

According to The New York Times, the venture is part of a ten year deal which will finance Jay-Zs record label, his upcoming tours and various endorsements and investments. Jay-Z will split his profits with Live Nation.

As part of the deal, Jay-Z would have to drop three albums during the 10 years. Each advance for the albums will be $10 million. The rappers current co-headlining tour with singer Mary J Blige is also part of the agreement.

The deal, which will be announced this week, is one of the biggest music contracts ever awarded.

Live Nation chairman Michael Kohl said that Jay-Z's business acumen is one the major reasons they entered business with the Brooklyn bred rapper.

Last year, Jay-Z sold his Rocawear clothing line to the Iconix Brand Group Inc for $204 million in cash. He also acquired the Artful Dodger clothing line for $15 million and expanded his 40/40 franchise.

Earlier this year, Jay-Z began his own advertising agency with mogul Steve Stoute.

What [Jay-Zs] done has kind of mirrored what we want to do and where we think were going, said Cohl.

Jay-Z, who stepped down as CEO at Def Jam last year , still owes the label one more album as an artist. The album is likely to drop this year.