The following article was in the NY Daily News today,
Jay-Z could be returning to the corporate ranks.
We were the first to tell you, in December, that the rapper-turned-executive was likely to leave his post as Def Jam CEO after he and Island/Def Jam chief L.A. Reid failed to reach a resolution on his contract renewal.
Now we hear Jay has been huddling with Reid's rival, Warner Music Group head Lyor Cohen, to talk about starting his own label - tentatively called the Carter Music Group.
"The reason Jay left Def Jam was less about money than about freedom," an insider tell us. "He didn't want to come to the office every day. And he had so many outside projects - his chain of 4-0/40 clubs and the hotel he's building in Chelsea. But he wouldn't mind having a small label for the talent he discovers. He might just put out three or four records a year. He'd let somebody else do the heavy lifting."
Cohen said that he and Jay have not discussed a label deal yet.
"I would be honored and privileged to work with him again," says Cohen, who signed Jay to Island/Def Jam when Cohen was there. "Bringing Jay-Z to the Warner Music Group would be a privilege and a coup. I'd do it in a heartbeat."
Cohen disputed the suggestion of Jay-Z running a "small" label. "Jay never does anything small or part-time," said Cohen.
Jay still owes Def Jam a new album - due later this year - and a greatest hits CD. One exec there doubted Reid would be bothered by his artist competing with him. "Starting a record label from scratch is very difficult," says the source. "If Warner Music wants to do it, better them than us."
Source: NY Daily News
I know some reps from WMG reads this site daily so I hope they think long and hard before they do something crazy like that! Jay-Z is not a suitable leader at a Record Label. See Def Jam unsuccessful situations for references.
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