It's too early for April's Fools jokes. If Jay-Z wants to start his own label to put out more bad music, then more power to him. But if he's asking other labels to invest $100m into it, then he's on that Earl Simmons.
The hip-hop mogul - who recently quit his role as president and Chief Executive Officer (CEO) at Def Jam Recordings - is reportedly asking music labels for the mammoth investment for new project Carter Music Group, but has so far seen his demands dismissed. A source told the New York Post newspaper: "Jay-Z is asking for way too much. He wants a label to give him $100 million for the Carter Music Group and provide for overhead, development and digital investment. It's crazy. He wants the label to basically be his venture capital fund - but unlike a venture capital, they won't get 50 per cent." A representative for the '99 Problems' rapper branded the reports nothing more than "rumours".
Aside from his own hide, the only successes Jay-Z can really boast are Neyo and Rihanna. All of his rap acts either hate him or don't need him right now and I occasionally recall Teairra Marie for schadenfreudic purposes. If anything what we need less of is rappers starting labels, unless they truly intend to do something unique and groundbreaking, which he probably won't. No shade to Jay-Z, but we aren't stupid. And hopefully this really is a "rumour".
Jay-Z Wants $100 Million for Label [M&C]