LOS ANGELES - HIP-HOP mogul Jay-Z is poised to sign a US$150 million (S$207 million) deal with concert promoters Live Nation, mirroring a similar ground-breaking contract signed by Madonna, it was reported on Thursday.

The New York Times said in a report that Jay-Z would part company with long-time backers Def Jam after agreeing a multi-pronged 10-year contract with Live Nation covering future recordings and tours.

The decision of yet another A-list star to eschew a deal with a traditional record label in exchange for an all-encompassing commercial contract reflected the 'anarchy' sweeping the music industry, The Times report said.

The Times quoted Jay-Z as saying that Live Nation's approach was in tune with the potential 'to reach the consumer in so many different ways right now.'

'Everyone's trying to figure it out. I want to be on the front lines in that fight,' he told the paper.

The Times report said the Jay-Z deal would be finalised later this week.

If confirmed, it will represent another coup for Beverly Hill-based Live Nation, which signed Madonna to a US$120 million 10-year agreement last year and this week announced a 12-year deal with Irish supergroup U2 that will cover the band's merchandising, touring and website.

Live Nation was not immediately available to comment on the Times report.

The Times said the promoters were taking an 'enormous wager' on Jay-Z, who like other artists has experienced declining record sales.

Last year's 'American Gangster' album sold 1 million copies compared to more than 3 million for 2003's 'The Black Album.'

However the agreement would give Live Nation the inside track on Jay-Z's business dealings, which in the past have included the successful Rocawear clothing line - sold for US$204 million in 2007 - and nightclubs.

The 38-year-old star, whose real name is Shawn Carter, tops Forbes magazine's annual list of 'Hip-Hop Cash Kings,' pocketing around US$34 million in 2006, and describes himself as 'The Rolling Stones of hip-hop.'

Jay-Z is due to record one more studio album for Def Jam before the Live Nation deal kicks in. Live Nation are already promoting the rapper's sell-out 28-date tour with Mary J. Blige, which got underway last month.

The Times said under the deal Live Nation would finance a venture that would be an umbrella group for Jay-Z's outside projects, including a record label, publishing, talent consulting and managing.

The company would contribute US$5 million a year for five years and would make US$25 million available to finance acquisitions. The venture - named Roc Nation - would share profits with Live Nation.

The package would also see the hip-hop star receive an upfront payment of US$25 million, a general advance of US$25 million that includes fees for his current tour as well as US$10 million per album for a minimum three albums during the deal's term, people familiar with negotiations told the Times.

A further US$20 million would be paid in exchange for publishing, licensing and other rights.