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| by kenn on 1/14/2004 08:35:00 AM |
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Split Gs
 Hip-hop mogul Jay-Z is looking to form his own company - a move that would distance him from buddy Damon Dash and the pair's Roc-A-Fella Records label, The Post has learned.
Jay-Z, who recently declared he was retiring as a recording artist to focus on business ventures, is in talks with Universal Music's Island Def Jam label about financing the new venture, according to sources familiar with the matter.
Island Def Jam is the same label that houses Roc-A-Fella.
The new company would initially house the Jay-Z business ventures outside Roc-A-Fella, such as a sneaker deal with Reebok, a ring-tones deal with Nokia and tours. Eventually Jay Z plans to build that business into a broader entertainment company and record label, sources say.
Jay-Z and Island Def Jam could iron out the final details within the next two to three weeks, sources say.
Jay-Z and Dash, the CEO of Roc-A-Fella, have clashed over the direction of their company, leading to speculation within the music industry that the two would break up their company.
But Roc-A-Fella will likely remain for now, because the duo's contract with Island Def Jam would make a breakup nearly impossible.
In 1997 Roc-A-Fella sold a 50 percent stake to Island Def Jam for $1.5 million - a steal, given that the company now reportedly has about $500 million in annual revenue.
That deal gives Island Def Jam the option in the summer of 2005 to buy the 50 percent of Roc-A-Fella it doesn't already own.
People familiar with the matter say the source of the tension between the business partners is Jay-Z's belief that Dash is trying to become too much of a star himself, and has begun to overshadow the label's artists. Dash has also pushed to have the company enter the film industry, a decision that Jay-Z has not agreed with, sources say.
A spokesperson for Dash said, "As far as Damon's concerned, Roc-A-Fella remains intact. There's no tension."
A source said the two recently vacationed together in St. Barths.
A representative for Jay-Z said, "There is no friction. Jay and Damon have been diversifying. Damon has been focusing on movies, and Jay on music." A Universal Music spokesperson declined comment.
Last year Roc-A-Fella produced the film "Death of a Dynasty," a satirical look at the hip-hop world, which debuted at the TriBeCa Film Festival. The company also owns a stake in Scottish vodka maker Armadale. Dash has also said he plans on launching a magazine, called "America," that focuses on fashion and music.
As a producer, Dash has also recently created a single for Victoria Beckham, formerly known as Posh Spice of the British girl-band the Spice Girls.
In addition to Jay-Z, other artists signed to Roc-A-Fella include Dirt McGirt, DJ Clue, Freeway and Biggs.
In November Jay-Z released "The Black Album," which soared to No. 1 on the charts. The rapper has said it's his final album, although many in the music industry speculate that Jay-Z will eventually make a comeback and produce more albums.
Jay-Z and Dash founded the company about eight years ago. In 1999 they launched a clothing line called Rocawear, which has grown into a top urban fashion line with revenues of close to $300 million a year, according to published reports.
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