Defsounds

Okay, so we’ve heard the stories on Jay’s not so great relationship with LA Reid, the continuous blame for Def Jam’s fall from being able to market platinum selling artists, and even disdain from a few artists who hold Jay fully responsible for their lack of promotion. Well, rumor now has it that Jay is fed up as well and will soon announce that he’s leaving his position at Def Jam to create a new label with Beyonce. According to mediatakeout.com, a key person involved with the new label has said that it will launch early next year. “It’s a done deal. Jay-Z already has Beyonce and Matthew Knowles on board,” said the source. “She’ll be finishing up her contract [with Sony], and I expect that she’ll sign on to the new label shortly afterwards.”

As of now, there is no word on the name of the record label or where Jay and Beyonce plan to sign to. However, according to mediatakeout.com and a source close to the story, Def Jam originally turned down Jay’s idea of a new joint venture, but now that Jay has hinted at moving away from the very home that started his career, executives at Def Jam are not pleased with his decision. “Jay-Z brought the idea to Def Jam first but they thought he was asking for too much money,” said the source. “Now they’re shopping the deal around to the other majors and to Apple who is very interested in doing business.”