Hip Hop Galaxy

There have been a lot of rumours circulating about Beyonce and Jay-Z recently, mainly about either splitting up or getting married, but MediaTakeOut.com is reporting that Def Jam President Jay-Z may soon be announcing he will be leaving the label to start a new one with Beyonce and it could be as early as next year.

“It’s a done deal. Jay-Z already has Beyonce and Matthew Knowles on board,” a source told the website. “She’ll be finishing up her contract [with Sony], and I expect that she’ll sign on to the new label shortly afterwards.”

Beyonce is set to release her third and final album under her deal with Sony this fall. Following on from “B’Day” and “B’Day Deluxe”, she is set to release a live album finish her three album deal.

The site also reports that the pair’s new label was shopped to Island Def Jam, who declined over money issues.

“Jay-Z brought the idea to Def Jam first but they thought he was asking for too much money,” said the source. “Now they’re shopping the deal around to the other majors and to Apple [the creator of iTunes] who is very interested in doing business.”

According to the same source, Def Jam are said to be terrified by the thought of Jay-Z and Beyonce starting their own label.