(showbizspy.com ) - Rap mogul Jay-Z is reportedly set to quit Def Jam recordings, after negotiations with the music label broke down over his "excessive" demands for "big, big, money".
A source told the New York Daily News newspaper: "He wanted big, big money from the owners Universal Music and that was way out of sync with the realities of today's record business.
"L.A. Reid, the Chief Executive Officer of Island/ Def Jam Records, and his boss Doug Morris have found Jay-Z's demands excessive in light of the amount of time he's spent on tour.
"Everyone knows he's not around the office much. Everyone at Universal loves him, but they just can't justify paying him the money he wants when so many people have to be laid off."
However, friends of Jay-Z, whose real name is Shawn Corey Carter, blasted reports that he would be leaving Def Jam.
One said: "They are still negotiating. The talks continue when he returns to New York. They have a way to go before a decision."