Jay-Z Denies High Cash Demand Rumours

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Jay-Z has denied reports that attempts to launch a new music venture have stalled because he is asking for far too much money from potential business partners.

As previously reported, the hip hop star resigned as President of Universal's Def Jam division at the end of last year, and has since been rumoured to be in talks with Warner Music and Apple Computers about launching a new music company, but neither venture has come to fruition. That had led to rumours on US gossip site PageSix.com that negotiations had stalled because of Jay's demands. They quoted a source thus: "[He wanted] 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 labels to basically be his venture capital fund, but, unlike a venture cap, they won't get 50 per cent". But Jay's people have denied the rumours, though no word on any potential Carter Music Group launch as yet.