Sunday, May 24, 2009

Jay-Z Buys Out Of Def Jam Contract


p Hop mogul Jay-Z has reportedly bought his way out of album obligations with Def Jam records.

Jay-Z had one contractual album left with the label, presumably the "Blue Print 3" release. However, it appears as if Jay is ready to move on and will allegedly be releasing the highly anticipated LP via hisLive Nation partnership, Roc Nation. 

Speaking to RapRadar.com, Jay confirms the move which allegedly ran him about $5 Million. 

"I can honestly say, working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely.  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."

This may come as yet another blow to Def Jam as the struggling label may soon be slammed with a lawsuit by it's former co-founder, Russell Simmons. 

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