Universal would pay about $10 million to buy out Jay-Z and partner Damon Dash from their current Roc-A-Fella deal and install the rapper at the helm of the storied hip-hop label. While Jay-Z might not have a typical major-label exec's resume, he has a proven track record as a hitmaker, selling 21 million solo albums and nurturing stars such as Kanye West, Beanie Sigel and Cam'ron on his Roc-A-Fella label. "It makes sense," says the source. "You don't want a lawyer or a salesperson in that role. You want someone with an extensive network of artists and producers and creative ties. Jay-Z is at the top of that game."
The news surprised some who expected Jay-Z to follow Lyor Cohen, former head of Island Def Jam, and Kevin Liles, former president of Def Jam Records, to Warner Music Group; the two execs left Def Jam earlier this year and were instrumental in developing Jay-Z's career. Warner declined to comment.
To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here
CULTURE Odd Future's 'GTAV' Party
Picks From Around the Web
blog comments powered by Disqus