Jay-Z wants $100 million for label

Mar 20, 2008, 12:35 GMT

Jay-Z - 2003 Fullfillment Fund Achievement Awards - Arrivals - Kodak Theatre - Hollywood, CA, USA © Lee Roth / RothStock / PR Photos

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.

(C) BANG Media International