(breakingnews.iol.ie) - Warner Music Group boss Lyor Cohen has denied reports he's in talks with hip-hop mogul Shawn 'Jay-Z' Carter to launch his own record label.The rapper left his post as president of Def Jam Records in December after choosing not to renew his contract, and on Thursday, the New York Daily News claimed the star is currently in negotiations with Cohen - his pal and former CEO at Def Jam - to start the tentatively titled Carter Music Group.A source tells the newspaper: "The reason Jay left Def Jam was less about money than about freedom."He didn't want to come to the office every day. And he had so many outside projects - his chain of 40/40 clubs and the hotel he's building in Chelsea (New York). But he wouldn't mind having a small label for the talent he discovers. He might just put out three or four records a year. He'd let somebody else do the heavy lifting."
But Cohen insists he has not spoken to Carter about any record deal - although he wouldn't hesitate to do so if the opportunity should arise.He says: "I would be honoured and privileged to work with him again. Bringing Jay-Z to the Warner Music Group would be a privilege and a coup. I'd do it in a heartbeat."(But) Jay never does anything small or part-time."Cohen's relationship with Carter goes back a long way - the CEO signed the hip-hop star to Def Jam in 1997 and helped to promote the MC's own label Roc-A-Fella Records.