Jay-Z and Live Nation not a done deal!

What happened you ask?? Well word on the street is that the deal was never “officially” consummated – meaning the contracts were never signed - and now the peeps over at Live Nation are looking to back out of it.

And there may be something to the whispers. Because here’s an excerpt in today’s NY Daily News about a new deal between Jay Z and Atlantic:

A well-placed industry source tells us that Jay - who recently left Def Jam as a recording artist (he served as its president from 2004-2007) - has been taking top-secret meetings with his old pals and former managers Lyor Cohen and Kevin Liles. Topics of the hush-hush conversations have included giving Jay his own record label at WMG, tentatively to be called the Carter Music Group.

"Jay knows Lyor and Kevin from back when they all worked together at Def Jam, and he obviously wants to work something out with his friends," says our insider. "He wants to get the dream team back together. There have been a few whiffs of a reunion in the past, but only now - and very privately - is something finally starting to happen."

We can tell you FOR A FACT that Atlantic ain’t got nowhere near $150 million to give to Jay. So then why ELSE would Jay give up his Live Nation money to go there…

Jay-Z buys out contract

Jay-Z is going out the way he came in, on his own terms. The Brooklyn MC is officially an independent artist after ending his 12-year run on Def Jam Records. Still under contract for one more album, Jay bought out the rights to the remaining album. He later confirmed all reports.

"I can honestly say, working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely. 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. Doug won the toss but, we both won in the end.

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." (RapRadar)

Once again Jay-Z proves his acumen as a businessman. Clearly the delay of the Blueprint 3 was proof that Jay and Def Jam were not on the same page. Rather than whining and complaining about the label, dude negotiated a buyout. Most rappers would have not handled this so smoothly. (See: Cam'ron, Max B, Young Buck) However, on the flipside there must be something about Jay that tells Def Jam they are better off without the greatest rapper of all time. Two words: Kanye West.