Jay-Z And Def Jam Headed For Splitsville?

The New York Daily News is reporting that Jay-Z may be leaving his big cozy chair at Def Jam if contract renewal negotiations continue to stall. "He wanted big, big money that was way out of sync with the realities of today's record business," a source tells the newspaper. Island/Def Jam CEO L.A. Reid and his boss, Doug Morris, are said to have found the mogul's demands a bit too "excessive" in light of the time he's been spending on tour.

"Everybody knows he's not around the office much," the source continued. "Everybody at Universal loves him, but they can't justify paying him the money he wants when so many people have been laid off."

Jay-Z's contract with Def Jam will reportedly expire at the end of the month. But friends of the rapper claim that reports of a stalemate are inaccurate. "They are still actively negotiating," one friend insisted. According to another: "The talks will continue when he returns to New York. They still have a ways to go before a decision."