Nas Joins Jay-Z's Def Jam
Music industry executives close to the deal recently told the New York Times that God's Son and the God emcee are expected to finally enter a business agreement. While Nas is now a free agent, he reportedly had one album left on Sony.
His new contract is said to be a venture between Sony and Def Jam. The two companies will split profits and any losses from the lyricist's next two recordings. Def Jam is due to pay for the LP's production and marketing, and will share the profits after recovering its expenses. Sony and Def Jam will both supervise the CD's marketing campaigns.
Nas will reportedly earn $3 million in the deal, including a recording budget for his first two Sony/Def Jam releases as well as two succeeding Def Jam albums. Sony will retain the right to drop a Nas greatest hits CD.
While representatives for Sony could not be reached for comment, a Def Jam spokesperson told SOHH.com "we have not announced anything officially."
Meanwhile, publications like Scratch and XXL magazine have reported that Nas is due to drop a collaborative LP with DJ Premier. Though rumors persist regarding a long awaited collaboration, there's no word whether Jigga will appear on the record.
Following years of feuding, the two made peace at (New York) Power 105.1's Powerhouse concert this past October.