Jay-Z with Warren Buffett

Jay Z is staying with Live Nation Entertainment (LYV - Get Report) .

The New York concert promotion company on Thursday said it had extended a partnership with the 21-time Grammy award-winning singer, songwriter and producer.

The 10-year deal calls for Live Nation to produce and promote Jay Z's concert events. The contract is worth $200 million, Variety reported earlier on Thursday, citing a source. Live Nation and Jay Z, born Shawn Carter, have worked together for more than nine years.

"JAY-Z is one of the world's preeminent touring artists," Live Nation CEO Michael Rapino said in the statement. "This strengthens the creative and business partnership of someone that continues to expand his touring base and reach."

The deal comes as Live Nation continues to grow, its stock price surging 46% over the past 12 months. Shares on Thursday afternoon were flat at $34.02.

Besides making music, Carter also has built music and lifestyle companies. He has served as President of Def Jam Recordings, acquired the luxury spirits brand Armand De Brignac and is majority owner in the 40/40 sports clubs.

In 2013, he started Roc Nation Sports, a sports agency that represents three-time NBA scoring champion Kevin Durant and Seattle Mariners all-star second baseman Robinson Cano.

Earlier this year, Sprint (S - Get Report) took a 33% stake in Jay Z's music streaming app, Tidal. Jay Z bought Tidal in January 2015 for $56 million.

Jay Z formerly owned a stake in the Brooklyn Nets, selling the minority holding in the NBA team when he started Roc Nation Sports.