Jay-Z has officially left Def Jam, his label home for more than 10 years.
MTV News reports that Jigga actually bought himself out of the contract for $5 million. He still owed Def Jam one last album under the old deal.
Hov confirmed his departure to RapRadar.com on Thursday afternoon.
"I can honestly say, working with Doug Morris and L.A. Reid has been a unique and fulfilling experience, and I respect them immensely," he told them.
Jay also revealed that he and Doug spoke about the split directly and that they had a very “unique “ negotiation session. Reportedly, it involved a coin toss.
"Doug won the toss, but we both won in the end," the rap mogul said. "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."
Jay-Z founded his own record label named Roc Nation, and he’s been working on his next album, Blueprint 3, since last year.
– Sonya Eskridge