MSN > Music > International News

Jay Z to launch his own record label

Jay Z 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.

Rumors state that 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. 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 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.

Jay-Z is also said to be planning to further expand his chain of sports bars by opening a further five 40/40 clubs in cities on both sides of the Atlantic.

Read more:
Ben Stiller wishes to star with Cruise

Britney Spears' Gift

Michael Jackson saves Neverland