A source is denying that Island Def Jam is close to a deal to make rap mogul Jay-Z its president. Negotiations are ongoing, but no details have been finalized, says the source.

A source is denying that Island Def Jam is close to a deal to make rap mogul Jay-Z its president. Negotiations are ongoing, but no details have been finalized, says the source.

If the deal goes through, the 33-year-old, New York-based Jay-Z would report to chairman Antonio "L.A" Reid, who joined the label in February. The label's last president, Kevin Liles, left in July to join Warner Music Group as executive VP.

The source also confirms Universal Music Group has separately been negotiating with Jay-Z and business partners Damon Dash and Kareem "Biggs" Burke to buy their Roc-A-Fella Records label.

Jay-Z, who is currently touring with R&B star R. Kelly, "retired" as an artist after the release last year of "The Black Album" (Roc-A-Fella/Def Jam), which debuted at No. 1 on The Billboard 200.

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