At the KMEL Summer Jam in Oakland, Calif., on Saturday, Lil Wayne announced to screaming fans that "I just signed a deal with my motherf--king idol Jay Z." Watch below.
In the hours that followed, numerous reports speculated that Weezy's announcement could be in reference to signing with Jay Z's Roc Nation for label representation amid his widely publicized problems with Cash Money Records. But Bryant of Maverick tells Billboard that those rumors are untrue.
"The Internet and blogs took his words out of context," Bryant tells Billboard. "When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal."
As previously reported, Lil Wayne is a co-owner of the Jay Z-led music subscription service Tidal and exclusively released the track "Glory" through the service in early June.
As for his problems with Cash Money, Lil Wayne sued the label for $51 million earlier this year. TMZ has reported that he's owed $10 million, solely for the recording and completion of Tha Carter V. The rapper has referred to himself as a "prisoner" of Cash Money and blames the label for the delay of his new album, Tha Carter V.