News: Jay-Z To Join Beyonce In New Label Move, Deal "95 Percent Complete"
Thursday, May 28, 2009 11:05AM
Jay-Z's move to Sony's Epic Records has reportedly been confirmed and is in the final stages of negotiations.
The blockbuster deal would also bring Jigga's Roc Nation to the iconic record label which is also home to his wife, Beyonce.
Jay-Z is close to signing a deal that will bring his future recordings to Sony, Billboard sources confirm. The deal -- which will link Jay-Z's Roc Nation releases with Sony's Epic Records for distribution -- "is 95% complete" according to people familiar with the ongoing negotiations. A formal announcement is expected in the coming weeks. (Billboard)
Jay reportedly did not want to drop his final contractual album, The Blueprint 3, via Def Jam Records.
"He definitely didn't want to release his album via Def Jam," said a Universal Music source. "And given his close relationship with (Sony executive and producer) Rick Rubin, it comes as no surprise that he'd make the switch." Speculation has intensified in the past week that a Sony deal is in the works. Sony Corp CEO Howard Stringer and Jay-Z's Roc Nation partner Jay Brown have been spotted meeting in Los Angeles and New York; Epic Records president Amanda Ghost is managed by Roc Nation and Brown; and Jay-Z's wife, Beyonce, is an artist on Sony's Columbia Records label. (Reuters)
The rap mogul was rumored to have purchased his contract obligations from Def Jam for around $5 million earlier this month.
As Roc Nation, Jay-Z's new home under the Live Nation umbrella, takes shape, the hip-hop superstar has reportedly bought back the last remaining record on his Island Def Jam deal for what some say is a whopping $5 million, raising a number of intriguing questions. How does the album figure into the plans of Roc Nation's brain trust, which also includes the A&R-savvy Jay Brown and Tata, as well as Jay-Z's business manager John Menielly? How will it be marketed and distributed? Will Roc Nation employ a traditional distribution channel or take the LP direct to retail? (Hits Daily Double)
He later confirmed the buy-out and his departure from Def Jam.
"I can honestly say, working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely," Jay said in an interview. "I've been in the family for almost my entire career. Doug and I spoke directly and had one of the most unique 'negotiations' ever. Doug won the toss but, we both won in the end...I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music." (Rap Radar)
No further information has yet been released to the media.
For the latest gadgets, gear and giveaways, check out GetFrush.com.