The 99 Problems hitmaker parted ways with the iconic hip-hop label last week after paying a reported $5 million to buy back the rights to his highly anticipated forthcoming album The Blueprint 3 - which would have been his final contractual release on Def Jam.
The rapper, real name Shawn Carter, signed a $150 million deal with concert promoters Live Nation in 2008, encompassing his future album releases, tours and the creation of the label Roc Nation.
New reports suggest Jay-Z is looking to land another lucrative contract - and is courting executives from both Sony Records and Warner Music Group/Atlantic Records.
A distribution deal is "95 per cent complete" to bring Roc Nation to Sony's Epic Records and a formal announcement is said to be expected in the coming weeks. The deal would see Jay-Z join the same main label as his wife Beyonce Knowles, who is signed to Sony's Columbia Records.
However, conflicting reports claim Jay-Z is due to reunite with his former Def Jam bosses Lyor Cohen and Kevin Liles and set up a new home at Warner Music Group/Atlantic Records.
A source tells FemaleFirst, “the star has been meeting with the duo in private to set plans in motion for the launch of the Carter Music Group, the label Jay-Z has long been rumored to be interested in setting up.
The insider says, "Jay knows Lyor and Kevin from back when they all worked together at Def Jam, and he obviously wants to work something out with his friends. He wants to get the dream team back together. There have been a few whiffs of a reunion in the past, but only now - and very privately - is something finally starting to happen.
"This is big in hip-hop. These are three of the most powerful men in music... Jay-Z, Lyor Cohen and Kevin Liles are all brand names. They're the industry's heavy hitters and the combination would bring them a lot of attention. They would be unstoppable. Jay himself is the most successful rapper-turned-businessman out there."
FemaleFirst - Ruth Harrison
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