Speculation has been mounting for months that all is not well with Jay-Z over at Def Jam. According to NY Daily News, negotiations for the renewal of the mogul’s ‘President’ position at the label are not going smoothly due to his ‘excessive’ (monetary) demands:
“He wanted big, big money that was way out of sync with the realities of today’s record business.”
Island/Def Jam CEO L.A. Reid and his boss, Doug Morris, are said to have found Jay’s demands “excessive” in light of the time he’s been spending on tour.
“People have lost count of how many times he’s come out of retirement. Everybody knows he’s not around the office much. Everybody at Universal loves him, but they can’t justify paying him the money he wants when so many people have been laid off.”
His contract is going to expire at the end of this month.
(7/12/2007)
