Jay-Z steps down as CEO of Def Jam RecordsMay 23rd, 2009 - 4:42 pm ICT by ANI
London, May 23 (ANI): Jay-Z has stepped down as the CEO of Def Jam Records.
According to RapRadar.com, the 39-year-old star has revealed that he is now “a completely independent artist” after buying out the remainder of his contract.
“Working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely,” the BBC quoted him as saying.
“Doug and I spoke directly and had one of the most unique ‘negotiations’ ever.
“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,” he added.
Jay-Z had remained with the label after stepping down as CEO last year, and struck a deal worth a reported 150million dollars with concert giant Live Nation, which includes touring, publishing and albums for the next decade.
He has since created a new record label, and has been working on a new album, Blueprint 3, with Kanye West since 2008. (ANI)