We all know how much a pain it is to get out of a phone contract when you find a better deal, but Jay-Z has gone one better after quitting Def Jam Records by paying a whopping $5 million to buy himself out of his label contract.
The Big Pimpin' hitmaker had one final album left on the iconic Russell Simmons-founded label - his 11th and highly-anticipated disc The Blueprint 3, which he is expected to release later this year.
But the hip-hop mogul - real name Shawn Carter - was allegedly so eager to move on from Def Jam, he's bought his way out of the contract so he can begin his new deal with concert promoters Live Nation.
Jay-Z signed a $150 million contract with Live Nation in 2008 in a deal that would encompass his future album releases, tours and the creation of the label Roc Nation, once his Def Jam commitments were fulfilled.
A spokesperson for the rapper had yet to respond to requests for a comment as we went to press. Jay-Z, who has released nine albums on Def Jam, stepped down as president of the record label in January 2008 after three years in the position.
FemaleFirst - Ruth Harrison
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