Shawn Carter Has Left the Building
Sorry to ruin your Christmas this early. After weeks of negotiations and speculations, Jay-Z has confirmed that he will not continue as Def Jam president come January.
“Now it’s time for me to take on new challenges,” said Jay-Z in a statement. “I am pleased to have had the opportunity to build upon the Def Jam legacy.”
CEO of Island Def Jam Music Group, Antonio “L.A.” Reid, said: “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.”
Word on the street is that Hov wanted more than the $10 million he was getting on his old contract. He’s still signed to Def Jam via Roc-A-Fella, with one album left laundry list. LL Cool J is somewhere smiling like, “I told you so.”
