(image via msnbc)
According to New York Times sources briefed on Jay Z's contract negotiations, Universal decided not to re-up the rapper-executive because he wanted a more lucrative contract. From The New York Times:
"After an unusual three-year turn in the corporate suite, Jay-Z, the rap superstar, said Monday that he would step down from his post as president of Def Jam Recordings, one of the world’s best-known record labels.
"Jay-Z is not revealing his plans after he leaves Def Jam Recordings, but he will continue to record for the record label.
"Jay-Z made the announcement with Def Jam’s parent, Universal Music Group, as his employment contract was expiring. Under a separate long-term recording contract with Def Jam, Jay-Z, whose real name is Shawn Carter, still owes the company one or more albums.
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