Rapper/entrepreneur Shawn “Jay-Z” Carter continues to expand his $450 million empire with the announcement his Roc Nation, www.rocnation.com, will acquire German-American netlabel Block Starz Music LLC, www.blockstarmusic.com, in a move that has taken industry insiders by surprise.
Mr. Carter, who sold his Rocawear clothing label for $204 million in 2007, signed 10-year $150 million Live Nation deal in 2008 and holds stakes in the New Jersey Nets, 40/40 Club chain, ad firm Translation and various other businesses, reportedly won a bidding war between Universal and Jive Records for the fledgling Block Starz imprint.
While terms of the deal had not been disclosed at press time, the purchase of Block Starz, a full service online music company founded in 2008 to scout, develop, and market new independent talent, culminates a busy month for Jay-Z.
Earlier it was announced that Roc Nation had signed deejay/producer Mick Boogie, singer and songwriter/producer Santi “Santigold” White to its management division. It is unclear in what capacity Block Starz Music will operate under the new business arrangement, but experts speculate it will involve A&R and talent scouting.
Representatives for Jay-Z, who Forbes recently revealed as the second “Wealthiest Artist” in Hip-Hop, were not immediately available for comment.