Hip-hop mogul Jay-Z continues to expand his empire. Just days after announcing his foray into the sports agency business with Roc Nation's signing of Yankees second baseman Robinson Cano, comes the announcement of Jay's new deal with the Universal Music Group.
According to "The New York Times," the multi-year partnership will bring Jay-Z's Roc Nation record label out from under the Sony Music umbrella and into Universal's house. Terms of the partnership were not disclosed, however, an insider shares that it was a competitive bid to get Jay-Z's business.
Jay-Z's Roc Nation was created as part of a 150-million-dollar partnership with Live Nation in 2008. It includes a record label, a music publishing arm and an artist roster that includes, among others, Rihanna, Shakira, Timbaland, M.I.A. and Kylie Minogue.
In a statement, Jay-Z said Roc Nation's new deal with Universal Music Group will present a "unique opportunity" for the label's artists to continue to operate as an independent label with the strength, power and reach of what he called "the best major."
Photo Credit Getty Images