Jay-Z wants $100 million to launch his own record label.
The hip-hop mogul - who recently quit his role as president and Chief Executive Officer (CEO) at Def Jam Recordings - is reportedly asking music labels for the mammoth investment for new project Carter Music Group, but has so far seen his demands dismissed.
A source told the New York Post newspaper: 'Jay-Z is asking for way too much. He wants a label to give him $100 million for the Carter Music Group and provide for overhead, development and digital investment. It’s crazy. He wants the label to basically be his venture capital fund – but unlike a venture capital, they won’t get 50 per cent.'
A venture capital fund involves the investment of money into smaller companies, which are often thought to carry more risk.
A representative for the ’99 Problems’ rapper branded the reports nothing more than 'rumours'. Jay-Z, real name Shawn Carter, left Def Jam late last year amid claims he wasn’t making enough money.
Last year, Jay-Z was named the second highest earning musician in the world by business bible Forbes magazine, with annual earnings of $83 million.
His other business interests include owning a series of 40/40 sports bars across the US, and a stake in the New Jersey Nets basketball team.