“He wanted big, big money that was way out of sync with the realities of today’s record business.”
Island/Def Jam CEO L.A. Reid and his boss, Doug Morris, are said to have found Jay’s demands “excessive” in light of the time he’s been spending on tour.
“People have lost count of how many times he’s come out of retirement. Everybody knows he’s not around the office much. Everybody at Universal loves him, but they can’t justify paying him the money he wants when so many people have been laid off.”
His contract is said to expire at the end of this month.
The news couldn’t have come at a worse time for the rapper, who is dodging claims that he spent a whopping $15 million (of Def Jam’s money) on the promotion of his ‘American Gangster’ album.