Apparently reports of an impending beef between Jay-Z and LL Cool J were extremely exaggerated. If you need a recap click (HERE). While LL’s displeasure with the promotion of his Todd Smith album is well documented, he clarified the rumors with MTV.

“I don’t need to go all out,” LL said. “At this point the focus should be to make great music, trying to keep it positive, trying to have some sort of relationship where we can work together. Hopefully [Def Jam] can do well and look great, I can do well and look great. We can part company as civilized businessmen and give the world something great.”

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Things came to a head, when people interpreted a bar on Jay-Z’s verse of the “I Get Money” remix as an LL Cool J diss. Shortly after the song was released, LL appeared on BlokTV saying, “I don’t even know why you did that to yourself, instead of doing that verse; you should’ve been doing your job.” During a listening party for American Gangster, Jay reiterated that his“I’m already the G.O.A.T. next stop is the billy,” line was not a shot at LL.

“He’s a legend,”Jay said. “I’m not doing that. That type of shit comes back to you…I believe in karma. He’s upset, not me. If he wanna work it out, I’m more than willing to do that.” For his part, 50 Cent, who will executive produce LL’s final Def Jam album, Exit 13, says he doesn’t mind moderating the situation for the greater good…the money.

“[LL’s] got his own issue [with Def Jam], to be honest with you,”50 said. “I’m the liaison between them for that project to keep that functioning. And I’m gonna bring the material necessary for us to have a great project.”

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Of course, the fact that all of this comes on the heels of 50 declaring war on Def Jam for sabotaging his sales by allegedly buying copies of Kanye West’sGraduation only adds to the drama. As always, HipHopDX will report any new developments.