Jay-Z to launch new label
(mtv.co.uk ) - The Hip-Hop Mogul wants $100 million to launch his own record label.
He quit his job as President and CEO of Def Jam Records last year and now Jay-Z is allegedly looking to start up a new record company as part of his latest project; Carter Music Group.
He is reported to be looking for a record company to make a $100 million investment in his new venture, but so far it looks like no one is willing to foot the bill.
A music industry source told the New York Post newspaper: 'Jay-Z is asking for way too much. He wants the label to basically be his venture capital fund - but unlike a venture capital, they won't get 50 per cent.'
With a stake in the New Jersey Nets basketball team and ownership of several bars across the US, it would seem Jay-Z is hoping to expand his empire even further.
A representative for the rapper has branded the reports nothing more than 'rumours'. And with his earnings estimated at $83 million last year alone, we're inclined to believe he wouldn't be asking for handouts.