Jay-Z wants $100 million to launch his own record label

Jay- Z who recently quit his role as president and Chief Executive Officer at Def Jam Recordings wants $100 million to launch his own record label.

A source said 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. 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.”

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.

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