Jay-Z Moves On

Jay-Z says he will exit his role as president of Def Jam Records when his contract expires December 31st.

The rapper said in a statement that it is "time for me to take on new challenges" and Island Def Jam CEO Antonio "L.A." Reid said the label regrets the decision.

Jay-Z took over Def Jam in December 2004 in a deal that was valued at up to $10 million. He signed Ne-Yo and Rihanna, who had one of the label’s biggest sellers of 2007 with "Umbrella."

In 1995, Jay-Z co-founded Roc-A-Fella records, which was eventually absorbed by Def Jam.