May 28, 2009. Remember last year when Jay Z supposedly signed a $150M deal with Live Nation. Well, MediaTakeOut.com is hearing that the deal may fall apart before it even started.
What happened you ask?? Well word on the street is that the deal was never “officially” consummated – meaning the contracts were never signed - and now the peeps over at Live Nation are looking to back out of it.
And there may be something to the whispers. Because here’s an excerpt in today’s NY Daily News about a new deal between Jay Z and Atlantic:
A well-placed industry source tells us that Jay - who recently left Def Jam as a recording artist (he served as its president from 2004-2007) - has been taking top-secret meetings with his old pals and former managers Lyor Cohen and Kevin Liles. Topics of the hush-hush conversations have included giving Jay his own record label at WMG, tentatively to be called the Carter Music Group.
"Jay knows Lyor and Kevin from back when they all worked together at Def Jam, and he obviously wants to work something out with his friends," says our insider. "He wants to get the dream team back together. There have been a few whiffs of a reunion in the past, but only now - and very privately - is something finally starting to happen."
We can tell you FOR A FACT that Atlantic ain’t got nowhere near $150 million to give to Jay. So then why ELSE would Jay give up his Live Nation money to go there…