Jay-Z Denies Excessive Money Demands For Label

The 99 Problems rapper quit his post as president of Def Jam Records in December (07) and was alleged to be planning to start his own venture on another label.

He has since been linked to Warner Music Group and computer company Apple as he bids to launch Carter Music Group, but neither reported deals have come into fruition.

And, according to an industry insider, the label failures are down to Carter’s demands for money.

The source tells PageSix.com, "(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 a representative for Carter insists the reports are untrue, disgarding them as "rumours".

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