Jay-Z Buys Out Contract, Leaves Def Jam

via MTV

Now maybe we can get that Blueprint 3 album. Jay-Z has officially parted ways with his home for more than a decade, Def Jam. On Thursday morning (May 21), Hits Daily Double reported in its Rumor Mill section that Hov — who owed Def Jam one last album — bought himself out of his contract for $5 million.

On Thursday afternoon, Jay contacted RapRadar.com and confirmed his departure.

“I can honestly say, working with Doug Morris and L.A. Reid has been a unique and fulfilling experience, and I respect them immensely,” Hov told the Web site. “I’ve been in the family for almost my entire career. Doug and I spoke directly and had one of the most unique ‘negotiations’ ever.”

Jay said that negotiation included a coin toss. “Doug won the toss, but we both won in the end,” Jay said. “I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music.”Jay started his own record company, Roc Nation, and has been working on the Blueprint 3 with Kanye West since 2008.

In February, Jay joked that he was too free in making his latest opus.

“If I don’t have any time constraints, I’ll mess around, I’ll never get it done,” he said. “I’ll be Axl Rose out here! It’ll be 12 years later, and we’ll be talking about Chinese Democracy. I really like the [time constraints]. But whatever happens, [the album] may turn out better, ’cause it’ll be done when it’s right.”