Jay-Z is taking his Roc Nation label to Universal.
Universal Music Group announced today that they have entered into a multi-year agreement with Jay's company. Jay has reportedly been shopping for a deal the past several months. UMG beat out Sony Music Entertainment and Warner Music Group to secure the deal.
As part of the agreement, forthcoming albums from Jay, Rihanna, J. Cole and other artists under the imprint will be released through UMG worldwide, according to a press release
Lucian Grainge, Chairman and CEO of UMG, stated, "In just five years, Roc Nation has established itself as one of the most successful brands in music with a reputation for developing some of today¹s most influential and popular talent. Not only does this agreement provide a dynamic platform for Roc Nation's exciting emerging artists, it extends our relationship with the extraordinary Rihanna and represents a homecoming for JAY Z-a brilliant artist and entrepreneur, who has been a creative cornerstone of our company. All of us at UMG are thrilled that JAY and Roc Nation chose UMG as their partners, knowing we will support their artists with a level of resources, expertise and passion that is simply unmatched in the industry."
In 1999, Jay left Def Jam/Universal. This new agreement brings the platinum selling rapper full circle.
"We are looking forward to working with Lucian and the incredible team he's assembled at Universal. We would like to applaud Lucian for collaborating with us to strike a new age deal. This agreement presents a unique opportunity for Roc Nation's artists-being able to continue to operate as an independent label with the strength, power and reach of the best major. I look forward to a long and prosperous collaboration with UMG. It feels good to be home," Jay said in a statement.
Financial terms of the agreement were not disclosed.
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