Projected sales for the music industry.

The long-rumored $150 million, 10-year deal between Jay-Z and Live Nation reportedly closed Wednesday night, with Live Nation giving Jay a chunk of stock, $5 million per year for "overhead," $25 million for acquisitions and investments, $10 million an album (for a three-album deal), and $20 million for publishing, licensing, and other rights. Live Nation's stock has jumped sharply since the deal was reportedly closed.

LOS ANGELES — In a move that reflects the anarchy sweeping the music business, the superstar rapper Jay-Z, who released his latest album to lukewarm sales five months ago, is on the verge of closing a deal with a concert promoter that rivals the biggest music contracts ever awarded.

Jay-Z plans to depart his longtime record label, Def Jam, for a roughly $150 million package with the concert giant Live Nation that includes financing for his own entertainment venture, in addition to recordings and tours for the next decade. The pact, expected to be finalized this week, is the most expansive deal yet from Live Nation, which has angled to compete directly with the industry’s established music labels in a scrum over the rights to distribute recordings, sell concert tickets, market merchandise and control other aspects of artists’ careers.

As CD sales plunge, an array of players — including record labels, promoters and advertisers — are racing to secure deals that cut them in on a larger share of an artist’s overall revenue. Live Nation has already struck less comprehensive pacts with Madonna and U2.

Live Nation’s core business has revolved around major rock and country tours, and with Jay-Z it is making an unexpected foray into hip-hop. The company is also placing an enormous wager on a performer who, like many others, has experienced declining record sales. (Last year’s “American Gangster” sold one million copies in the United States; “The Black Album,” from 2003, sold well over three million.)

But the arrangement would also position Live Nation to participate in a range of new deals with Jay-Z, one of music’s most entrepreneurial stars, whose past ventures have included the Rocawear clothing line, which he sold last year for $204 million, and the chain of 40/40 nightclubs.

As part of the arrangement, Live Nation would finance the start-up of a venture that would be an umbrella for his outside projects, which are expected to include his own label, music publishing, and talent consulting and managing. Live Nation is expected to contribute $5 million a year in overhead for five years, with another $25 million available to finance Jay-Z’s acquisitions or investments, according to people in the music industry briefed on the agreement. The venture, to be called Roc Nation, will split profits with Live Nation.

The overall package for Jay-Z also includes an upfront payment of $25 million, a general advance of $25 million that includes fees for his current tour, and advance payment of $10 million an album for a minimum of three albums during the deal’s 10-year term, these people said. A series of other payments adding up to about $20 million is included in exchange for certain publishing, licensing and other rights. Jay-Z said Live Nation’s consolidated approach was in sync with the emerging potential “to reach the consumer in so many different ways right now.” He added: “Everyone’s trying to figure it out. I want to be on the front lines in that fight.”