NEW YORK, Oct. 20 (UPI) -- Rapper Jay-Z may be tapped president of hip-hop label Def Jam, a music industry insider told RollingStone.com.
The hip-hop star could take the helm of the Universal Music Group label within a few months, RollingStone.com reported.
Universal Music Group would pay $10 million to buy out Jay-Z and partner Damon Dash from their current Roc-A-Fella deal to make Jay-Z the label boss, the insider said.
"You don't want a lawyer or a salesperson in that role. You want someone with an extensive network of artists and producers and creative ties. Jay-Z is at the top of that game," the source said.
In addition to record sales of more than 21 million, Jay-Z has developed the careers of Kanye West, Beanie Sigel and Cam'ron on the Roc-A-Fella label.
Jay-Z reportedly was expected to follow Lyor Cohen, former head of Island Def Jam, and Kevin Liles, former Def Jam Records president, when they exited Universal earlier this year for Warner Music Group.
A Warner spokesperson declined to comment.
