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Rap superstar Jay-Z said yesterday that he will step down from his post as president of Def Jam Recordings, one of the world’s biggest record labels.

Negotiations to renew his contract reached a stand still earlier this month when Jay and the label could not reach an agreement on the exact compensation required for him to continue running the label. Def Jam’s parent company Universal complained that the amount Jay was requesting was simply more than the company could afford to pay.

With record sales lagging across the board, Universal simply couldn’t justify meeting Jay’s figure. Jay-Z, whose real name is Shawn Carter says he has no hard feelings and that it was an honor to serve as President of such a prestigious record label.

“I’ve been incredibly fortunate to have served as president of such a culturally-defining label as Def Jam over the last three years,” Jay said in a statement. “During that time, I’ve had the pleasure of working with many of the world’s most dynamic artists and many of the most dedicated and talented executives in the music business today, including [IDJMG Chairman/ CEO] Antonio “L.A.” Reid. But now it’s time for me to take on new challenges. I am pleased to have had the opportunity to build upon the Def Jam legacy, helping to move the company into a new era of artistic success.”

Under his leadership, Def Jam released top-selling albums from Kanye West, Young Jeezy, Rick Ross, and Fabolous, just to name a few. He also discovered top-selling pop act Rihanna, and as a performer he lent his skills to an array of Universal acts including Amy Winehouse.

Jay will remain as President and CEO of his own Roc-A-Fella Records under the Def Jam umbrella, and will continue as a recording artist for the label.

While he may be leaving his Def Jam post, he certainly won’t be out of a job. In addition to being part owner of the New Jersey Nets, Jay also runs a successful clothing company, nightclub chain, and numerous other businesses.

Jay-Z is one the wealthiest men in the music industry with a net worth in the neighborhood of $400 million.

-Chris Jones

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TMZ is reporting that rapper Lil’ Wayne was overcome with greed last night and refused to play a concert that was for a good cause.

The concert was being promoted as a “Stop the Violence” event, inspired because of eight gang-related murders in the small community of Wilmington, NC. Lil’ Wayne was the draw, with ministers and local celebrities taking the stage to speak out against violence.

They were expecting a crowd of around 3,000 people who had paid $40 for floor seats and $30 for balcony, but only about 1,000 kids showed up.

As a result of the low turnout, Lil’ Wayne, who had been paid a part of his fee up front, wasn’t able to collect the rest of his fee. The rapper then sat backstage for around three hours waiting for a crowd to arrive.

When the crowd didn’t grow, about 80 sheriffs and officers in attendance offered to raise the money themselves to get Wayne to perform! The extra dough couldn’t be raised until Monday, which wasn’t good enough for the rapper, who left without appearing.

Normally, I wouldn’t blame anyone for making sure their money situation is correct. In this case he was only owed around $2,000 or so, and the concert was for a good cause.

Lil’ Wayne is a multi-millionaire who wouldn’t even perform a few songs at a “Stop The Violence” concert, because he was owed a couple of thousand dollars.

Even worse, Mitchell Entertainment Group — who fought to make the concert happen and to have Lil’ Wayne appear, now has to deal with refunding tens of thousands of dollars to irate concert goers.

Thanks to Lil’ Wayne that event was more likely to start the violence than stop it.

-Chris Jones

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