Source: Jay Z signs $200m touring deal with Live Nation

New York - Jay Z has signed a $200m, 10-year deal with tour promoter Live Nation.

The rap icon announced the deal on Thursday that continues his relationship with the company, a connection which began in 2008. A person close to the situation, who spoke on the condition of anonymity because the person was not allowed to publicly talk about the topic, told The Associated Press that Jay Z earned $200m for the new deal.

"Over 9 years, we have travelled the world producing historic music experiences," Jay Z said in a statement. "This renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape."

Live Nation has produced a number of Jay Z's successful live shows, including his recent collaborative tours with Beyoncé and Justin Timberlake.

Jay Z will be performing live a good amount this year: He's slated to headline a number of music festivals, including Austin City Limits, the Meadows Music and Arts Festival, and his own Made In America festival.