Shawn “Jay-Z” Carter has announced that he is leaving his post as President of at Def Jam but will continue to record for Roc-A-Fella, the label he co-founded in 1996, which is part of the Universal-distributed Island Def Jam Music Group.
In a statement to the press Jay-Z said: “It’s time for me to take on new challenges. I am pleased to have had the opportunity to build upon the Def Jam legacy, helping to move the company into a new era of artistic success.”
IDJ chairman/CEO Antonio “L.A.” Reid stated, “Jay made it clear to us that he feels the time has come to take on different challenges in his life. While we regret his decision to move on, we certainly respect it ... While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity.”
However, there are rumors swirling that Jay-Z is leaving to start his own super-label with Beyonce. According to reports Jay-Z, Beyonce and Matthew Knowles are working to make this happen now the B is finishing up her contract with Sony. According to reports they are speaking with other major labels but a source close to the project said: “Jay Z brought the idea to Def Jam first, but they thought he was asking for too much money.” The insider continues, “Now they’re shopping the deal around to the other majors and to Apple [the creator of iTunes] - who is very interested in doing business.”
With power couple Jay-Z and Beyonce leading the pack some of Def Jam’s hottest acts may go with them over to the new super-label. According to insider reports: “Jay Z has a clause in his [Def Jam] contract that says he can buy the rights to any artist he’s signed - that would include Rihanna, Ne-Yo, and Nas.”
Jay and B were recently spotted at New York hot-spot 1OAK where the hosted a private holiday party attended by Music and Hollywood a-listers.