Universal close to buy-out of Roc-A-Fella

According to CNNMoney.com, Universal Music Group is close to a deal to buy out the rapper and producer Jay-Z and his partners from their venture, Roc-A-Fella Records, a published report said today (Monday).

The New York Times, citing people involved in the negotiations, said Universal Music plans to bring the entertainer into its executive ranks by naming him president of the Def Jam Recordings label.

Universal Music, a unit of Vivendi, is expected to pay about $10 million to unravel the partnership in Roc-A-Fella, which has provided the music label with a series of platinum-selling hits, most recently Kanye West's "College Dropout," the paper said.

If Jay-Z plans to record new music, he would be under contract to release it through Universal Music, but he is free to strike a deal for the creation of a new start-up label or take an executive post with any music company, the Times said.