Jay-Z is returning home to Universal Music Group.
The rapper struck a long-term deal with the world’s largest music company to house his new albums along with his record label, Roc Nation.
Roc Nation will move from Sony Music, ending a four-year-old deal. Universal will also distribute Jay-Z’s music; his last record was marketed by Warner label Atlantic.
As part of the deal, Roc Nation artist Rihanna, who was already distributed by Universal, will renew her deal. Two Roc Nation artists, Rita Ora and J Cole, will continue to be distributed by Sony.
Jay-Z has been shopping for a deal for several months. Universal, led by Lucian Grainge, beat out Sony and Warner Music Group.
Sources added that former top Warner executive Lyor Cohen, who is starting his own music firm, made an audacious play for Jay-Z’s label as well.
Last month, Warner’s Warner/Chappell publishing arm scored the publishing rights to Jay Z’s works and those of his Roc Nation artists.
Roc Nation, whose roster also includes Shakira and Timbaland, will operate as a “stand-alone label” under the Universal umbrella. Financial terms weren’t disclosed.
Jay-Z let his last long-term recording contract with Universal’s Def Jam, which produced some of his greatest hits, lapse several years ago.
“This agreement presents a unique opportunity for Roc Nation’s artists—being able to continue to operate as an independent label with the strength, power and reach of the best major,” Jay-Z said in a statement yesterday. “It feels good to be home.”