ROSEWOOD
03-21-2008, 12:05 PM
Jay-Z wants $100 million to launch his own record label
He quit his job as President and CEO of Def Jam Records last year and now Jay-Z is allegedly looking to start up a new record company as part of his latest project; Carter Music Group.
He is reported to be looking for a record company to make a $100 million investment in his new venture, but so far it looks like no one is willing to foot the bill.
A music industry source told the New York Post newspaper: 'Jay-Z is asking for way too much. He wants the label to basically be his venture capital fund – but unlike a venture capital, they won’t get 50 per cent.'
With a stake in the New Jersey Nets basketball team and ownership of several bars across the US, it would seem Jay-Z is hoping to expand his empire even further.
A representative for the rapper has branded the reports nothing more than 'rumors'. And with his earnings estimated at $83 million last year alone, we’re inclined to believe he wouldn’t be asking for handouts.
He quit his job as President and CEO of Def Jam Records last year and now Jay-Z is allegedly looking to start up a new record company as part of his latest project; Carter Music Group.
He is reported to be looking for a record company to make a $100 million investment in his new venture, but so far it looks like no one is willing to foot the bill.
A music industry source told the New York Post newspaper: 'Jay-Z is asking for way too much. He wants the label to basically be his venture capital fund – but unlike a venture capital, they won’t get 50 per cent.'
With a stake in the New Jersey Nets basketball team and ownership of several bars across the US, it would seem Jay-Z is hoping to expand his empire even further.
A representative for the rapper has branded the reports nothing more than 'rumors'. And with his earnings estimated at $83 million last year alone, we’re inclined to believe he wouldn’t be asking for handouts.