Jay Z has signed an exclusive touring partnership with Live Nation, that will run for 10 years at $20 million per year.

Reported by Variety, the deal will see Live Nation manage the production and promotion of all of Hov’s concerts.

ALSO: Jay-Z Sells Part Of Tidal To Sprint For $200 Million

“Live Nation and I entered unchartered territory in 2008,” Jay Z said in a statement. “Over nine years, we have traveled the world producing historic music experiences. [Live Nation president and chief executive officer] Michael Rapino is an industry visionary, and 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.”

“Jay Z is one of the world’s preeminent touring artists,” Rapino added. “This strengthens the creative and business partnership of someone that continues to expand his touring base and reach.”

The renewal had been in the works for a while, as a Live Nation spokesperson told Billboard in a statement in April: “Live Nation has a new long term deal with Jay Z and we expect to continue being equity partners in Roc Nation for many years to come.”