Jay-Z Reportedly In Talks of a WMG/Atlantic Deal

As a free agent, rapper and entrepreneur Jay-Z is reportedly negotiating with close friends and former managers Lyor Cohen and Kevin Liles about having his own record label, tentatively to be named Carter Music Group, with Warner Music Group/Atlantic, according to the Daily News.

"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," an insider told the Daily News.

If the rumors are true, then Jay-Z's already powerful status will be further elevated alongside Cohen and Liles, the CEO and vice president of Warner Music Group respectively.

Jay-Z already has his own Roc Nation label, which he signed himself to, as part of a $150 million deal he made with Live Nation, a live events company that promotes their artists' music. Live Nation will finance Jay-Z's entertainment endeavors; record label, talent consulting agency and music publishing company, then split the profits.

An additional deal with WMG/Atlantic will only further promote the rap megastar. He recently bought himself out of his recording contract with Def Jam Recordings for $5 million. He now owns all of the rights to his upcoming eleventh studio album, The Blueprint³.