Jay-Z seems to really have the world in his hands right now. The rapper/music mogul filed for a marriage license with longtime girlfriend Beyonce Knowles on Tuesday, and since then things have only gotten bigger and better for him. The Associated Press has reported that Jay is about to sign a $150 million deal with Live Nation, which will include both CDs and concerts. Jay-Z was reportedly in great spirits, celebrating at a Toronto club last night.

He was definitely in a celebratory mood before and after his show last night in Toronto. “Jay-Z was not with Beyonce but looked so happy he could have burst,” says an observer at Toronto’s popular bistro Sotto Sotto, where he ate a pre-concert dinner with a bunch of guy friends. Later, he partied well into the night at Toronto’s downtown club Lobby, where he was laughing, chatting up his guests and waving his arms to the music.

[From People]

Jay-Z isn’t just a rapper, he was also the president of Def Jam records for three years. Live Nation has also inked deals with Madonna and U2, but Jay is their first foray into hip hop. The numbers are pretty astounding, considering his last album had just so-so sales figures.

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.

His first undertaking with Live Nation is his current 28-date tour with Mary J. Blige, his biggest live outing in more than three years. After that, Live Nation envisions integrating the marketing of all Jay-Z’s entertainment endeavors, including recordings, tours and endorsements. “I’ve turned into the Rolling Stones of hip-hop,” Jay-Z said in a recent telephone interview.

[From the New York Times]

Jay-Z definitely earns his reputation as not just a good performer but a great businessman. The Live Nation deal includes funding for Jay’s own business ventures in a company called Roc Nation, which will include music publishing, talent grooming and management, along with his own label. They’ll contribute $25 million over the course of five years to it. The timing of the wedding license is interesting, considering all these great things are happening to Jay-Z in such quick succession. Makes you wonder if he had some agreement with Beyonce, like “Once I get my next record deal figured out, we’ll get married,” or something. No matter what, it seems like congratulations are in order.

Here’s Jay-Z arriving for The Late Show with David Letterman on March 31, 2008 in New York. Images thanks to PR Photos.