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October, 27th 2004

Jay-Z is in final negotiations to become president of Universal Music Group's Island Def Jam label, a source familiar with the negotiations said Tuesday.

Discussions with the superstar rapper, whose real name is Shawn Carter, have been going on for weeks. Barring any last-minute snags, a deal should be finalized within seven to 10 days, according to the source, who spoke on condition of anonymity.

Since his first album in 1996, Jay-Z has achieved string of radio hits, platinum albums and critical respect. After cranking out an album every year, Jay-Z released ''The Black Album'' in 2003 and declared he was retiring from recording. He still remains a major concert draw and is currently touring with R&B superstar R. Kelly.

Although many artists eventually become executives, it's a rare move for one with Jay-Z's current fame.

As Island Def Jam president, the 33-year-old New York native would report to chairman Antonio ''L.A.'' Reid, who joined the label in February. The label's last president, Kevin Liles, was ousted in July.

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It's expected the label will seek to sign Jay-Z to a three-year deal, the source said.

Separately, Universal Music Group has also been in talks with Jay-Z and longtime business partners Damon Dash and Kareem ''Biggs'' Burke to buy their Roc-A-Fella Records label. But Universal's bid to hire Jay-Z is not contingent on acquiring Roc-A-Fella, the source said.

Representatives for Jay-Z, Reid and Roc-A-Fella declined to comment.

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source: Entertainment Weekly
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