Jay-Z Leaves Def Jam???

Rapper Jay-Z is currently said to be in negotiations to resign from his presidential position at Def Jam, in order to join Def Jam co-founder Rick Rubin at Columbia Records. Rubin left Warner Music Group in May for an executive position working with Chairman Steve Barnett. According to The New York Daily News, Jay-Z may leave Def Jam to join the team. One of the reasons for Jay's soon departure is reportedly the recent formation of Island Records Urban Music Group, which is run by Atlanta mogul Jermaine Dupri. "There isn't room for two kings at one label," a source told the Daily News. "Why would Island bring in another power-hitter urban guy?" Furthermore, the firm's co-chair Rick Rubin has been planning to create a supergroup of staff. "He's creating a supergroup of staff. So it would make sense that he would want Jay on his side," a source said.

The new team will seem to work quite well. Jay-Z's girlfriend, Beyonce, is also a Columbia artist, while Jay-Z and Rubin have collaborated successfully in the past (Rubin produced Jay-Z's hit single "99 Problems" from his 2003 release The Black Album). Other reports have surfaced that Jay-Z and Beyonce are in negotiations with Apple's iTunes to create a digital record label.

According to The New York Daily News, Jay-Z will also be leaving Island Def Jam owning his entire catalog.

Currently, Jay-Z is experiencing unparalleled success with 19-year-old songstress Rihanna, whom he signed to Def Jam in 2004. Rhianna's smash hit single "Umbrella" featuring Jay-Z is the longest running UK number one single in a decade, since Wet Wet Wet topped the charts with their 1994 hit "Love Is All Around."