Last week rap star Jay-Z confirmed rumours that he will leave Def Jam, his longtime record label where he even served as president, signing such acts as Rihanna and Ne-Yo.

Rumours of his departure were sparked when Jay-Z signed a $150million deal with Live Nation. Jay-Z is making the move despite the fact that he still had one album left to go on his contract with Def Jam.

Hits Daily Double have reported that he bought himself out of his contract for the sum of $5million. Though the rap star has declined comment on that report, in an interview with Rap Radar he said that working with his colleagues at Def Jam had been "a unique and fulfilling experience".