With Hov's contract expiring at the end of the month with parent company, Universal Music, Jay-Z's renewal negotiations seem to be at a stand still.
"He wanted big, big money that was way out of sync with the realities of today's record business," a source told the New York's Daily News. “People have lost count of how many times he’s come out of retirement,”
the source went on. “Everybody knows he’s not around the office much.
Everybody at Universal loves him, but they can’t justify paying him the
money he wants when so many people have been laid off.”
An article in the New York Daily News’ Rush & Molloy gossip column today claims that contract renewal negotiations between Jay-Z and the Universal Music Group have hit a wall. Claiming that L.A. Reid and UMG big boss Doug Morris are said to have found Jay’s demands “excessive” in light of the time he’s been spending on tour.
Still, a “friend” of Jay’s told the paper that “the talks will continue when he returns to New York. They still have a ways to go before a decision.”