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JAY-Z BUYS HIMSELF OUT OF DEF JAM CONTRACT
Rap superstar JAY-Z has quit Def Jam Records after paying $5 million to buy himself out of his label contract, according to a new report.The Big Pimpin’ hitmaker had one final album left on the iconic Russell Simmons-founded label – his 11th and highly-anticipated disc The Blueprint 3, which he is expected to release later this year (09). But the hip-hop mogul – real name Shawn Carter – was allegedly so eager to move on from Def Jam, he’s bought his way out of the contract so he can begin his new deal with concert promoters Live Nation, reports HitsDailyDouble.com. Jay-Z signed a $150 million contract with Live Nation in 2008 in a deal that would encompass his future album releases, tours and the creation of the label Roc Nation, once his Def Jam commitments were fulfilled. A spokesperson for the rapper had yet to respond to requests for a comment as WENN went to press. Jay-Z, who has released nine albums on Def Jam, stepped down as president of the record label in January 2008 after three years in the position.
Via: ContactMusic
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