Stepping Down: Jay-Z Out of Def Jam….
Posted December 26, 2007 — in Music News
Times are changing and the chairs are rotating. Jay-Z said Monday that he will leave his post as president of Universal Music Group’s Def Jam Records label after his contract expires this year.
The rapper, who was named Def Jam president three years ago, said in a statement that it is “time for me to take on new challenges.
He will continue to release his own music through his record label, Roc-A-Fella/Def Jam after his contract expires Dec. 31.
Jay Z took over Def Jam in December 2004 in an incentive deal that was reportedly valued at up to $10 million. (AP)
I heard a rumor on my site that he’s going to work with Rick Rubin at Columbia.
Anyone else hear that?
Comment by tim.towner — December 27, 2007 @ 6:01 am
Jay Z is opening his third 40/40 Nightclub in Las Vegas this week at the newly-built extension of the Venetian Hotel.
I think he is done playing president of a record company. Plus, he is more of a figure head than a worker bee. I think in this day an age, the value of figure heads in the record biz are worth less than their contracts demands.
Comment by alex — December 27, 2007 @ 10:11 am