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Jay-Z Announces Major Business Deal

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Just days after launching a sports management company, Jay-Z has announced the signing of a major deal with Universal Music Group. The agreement will move the rapper’s Roc Nation label, along with its artists, over from Sony/Colombia to Universal.

The Roc Nation roster includes Rihanna, M.I.A., Timbaland, Shakira and the man himself, Jay-Z.

“This agreement presents a unique opportunity for Roc Nation’s artists — being able to continue to operate as an independent label with the strength, power and reach of the best major,” Jay said in a statement. “I look forward to a long and prosperous collaboration with U.M.G. It feels good to be home.”

While specifics regarding the deal have not been made public, an anonymous source tells the New York Times the proceedings were intense and highly lucrative.

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