Jay-Z to launch $100m label?
Jay-Z wants $100 million to launch his own record label.
The hip-hop mogul, who recently quit his role as president and Chief Executive Officer (CEO) at Def Jam Recordings, is reportedly asking music labels for the mammoth investment for new project Carter Music Group, but has so far seen his demands dismissed.
A source told the New York Post newspaper: ‘Jay-Z is asking for way too much. He wants a label to give him $100 million for the Carter Music Group and provide for overhead, development and digital investment. It’s crazy. He wants the label to basically be his venture capital fund – but unlike a venture capital, they won’t get 50 per cent.’
A venture capital fund involves the investment of money into smaller companies, which are often thought to carry more risk.
A representative for the ’99 Problems’ rapper branded the reports nothing more than ‘rumours’. Jay-Z, real name Shawn Carter, left Def Jam late last year amid claims he wasn’t making enough money.
Last year, Jay-Z was named the second highest earning musician in the world by business bible Forbes magazine, with annual earnings of $83 million. His other business interests include owning a series of 40/40 sports bars across the US, and a stake in the New Jersey Nets basketball team.
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