Jay-Z may no longer be the head honcho at Def Jam Records at the end of the month as reports have surfaced that his contract-renewal negotiations with the label have been stalled because of his demands.
According to The New York Daily News, Jay-Z’s demands have been deemed ‘excessive’ by Island Def Jam bosses, L.A. Reid and Doug Morris.
“He wanted big, big money that was way out of sync with the realities of today's record business,” a source told The Daily News. “People have lost count of how many times he's come out of retirement. Everybody knows he's not around the office much. Everybody at Universal loves him, but they can't justify paying him the money he wants when so many people have been laid off.”
Jay-Z, whose contract with Def Jam expires this month, has been in Paris celebrating his 38th birthday.
A close friend to Jay-Z shot down the claims that Reid and Morris have decided not to resign the Rocafella founder.
“They are still actively negotiating,” Hov’s friend revealed. “The talks will continue when he returns to New York. They still have a ways to go before a decision.”
Jay-Z was named Def Jam President/CEO in December 2004. Rumors surfaced earlier this year that Sony/ Columbia Records would be one of Hov's destinations if his negotiations with Def Jam fell apart.
One of Columbia’s artists is Beyonce and the label recently hired Rick Rubin to an executive position. Rubin co-founded Def Jam with Russell Simmons and collaborated with Jay-Z on his 2003 CD, The Black Album.
Source: SixShot.com
According to The New York Daily News, Jay-Z’s demands have been deemed ‘excessive’ by Island Def Jam bosses, L.A. Reid and Doug Morris.
“He wanted big, big money that was way out of sync with the realities of today's record business,” a source told The Daily News. “People have lost count of how many times he's come out of retirement. Everybody knows he's not around the office much. Everybody at Universal loves him, but they can't justify paying him the money he wants when so many people have been laid off.”
Jay-Z, whose contract with Def Jam expires this month, has been in Paris celebrating his 38th birthday.
A close friend to Jay-Z shot down the claims that Reid and Morris have decided not to resign the Rocafella founder.
“They are still actively negotiating,” Hov’s friend revealed. “The talks will continue when he returns to New York. They still have a ways to go before a decision.”
Jay-Z was named Def Jam President/CEO in December 2004. Rumors surfaced earlier this year that Sony/ Columbia Records would be one of Hov's destinations if his negotiations with Def Jam fell apart.
One of Columbia’s artists is Beyonce and the label recently hired Rick Rubin to an executive position. Rubin co-founded Def Jam with Russell Simmons and collaborated with Jay-Z on his 2003 CD, The Black Album.
Source: SixShot.com
