News

Jay-Z Close to Signing New Deal With Sony

8:33 a.m. · May 28, 2009 · by Nick Neyland

These might be end times for the record industry as we know it, but there are still huge deals going down in major label boardrooms. Jay-Z is currently thrashing out a contract with Sony, which he hopes will bring his entire Roc Nation roster to the distributor, and will bring his time on Def Jam to a close.

Jay-Z’s split with Def Jam was costly (around $5 million), but that’s a drop in the ocean for the hip-hop star, who signed a $150 million deal with Live Nation in 2008. "He definitely didn't want to release his album via Def Jam," said a UMG source, speaking of the anti-Auto-tuned album, The Blueprint³. "And given his close relationship with [Columbia Records Co-Chairman] Rick Rubin, it comes as no surprise that he'd make the switch."

Jay-Z will use Sony as a distribution outlet, and insists he remains in full control of the output on Roc Nation. "It will be a distribution deal, sort of like Star Trak is distributed by Interscope, and it will be on the Epic side, not Columbia," a source unearthed by Billboard said. A formal announcement of the Sony deal is due to be announced in the next few weeks.

[Billboard]