The Jay-Z deal will reporting give Live Nation (which lost $12 million last year) a stake in almost every aspect of the rapper’s career and be the biggest deal for Live Nation yet, beating previous deals for Madonna, U2, the Jonas Brothers, and others.

Every magazine is rushing to report on this story tonight including the New York Times, Wall Street Journal and others.

How will shareholders of Live Nation respond tomorrow? Take a guess! …

Says the New York Times: “Critics of Live Nation, which lost nearly $12 million last year, predict that it would be difficult to turn a profit on the arrangement, given the continuing decline in record sales and the mixed track record of artist-run ventures. Shares in the company have suffered since October when Live Nation negotiated a reported $120 million deal with Madonna.”

Included would be $50 million to finance Jay-Z’s entertainment venture to be called Roc Nation, reportedly to include own record label, music publishing, talent consulting and managing projects.

“I’ve turned into the Rolling Stones of hip-hop,” Jay-Z told the Times.