Jay-Z has joined heavyweights Madonna and U2 after signing a new mega-millions deal with concert promoters Live Nation.

The rapper has landed 775,434 Live Nation shares, plus an option on an additional 500,000 after setting up a joint entertainment venture with Live Nation bosses.

The Live Nation/Jay-Z deal began in December (07). News broke in The New York Times last month (Apr08).

Live Nation will now promote all of Jay-Z's recording and performance ventures.

According to Billboard.com, Live Nation will contribute $5 million each year in overhead for five years and offer $25 million to finance Jay-Z's external acquisitions and investments, plus $10 million per album for a minimum of three albums.

Jay-Z will also receive another $20 million for other rights, including publishing and licensing.

Live Nation is already producing the current Jay-Z/Mary J. Blige tour in North America.

The rapper reportedly wed longtime girlfriend Beyonce Knowles last month.