Jay-Z Confirms Departure from Def Jam Records

Hip-hop mogul Jay-Z has confirmed what we've all known for months now--he's parting ways with Def Jam records.

According to his contract, Jay still had another album left to fulfill with the record company, but he paid $5 million dollars to buy back the rights to his forthcoming album The Blueprint 3.

Jay insists there is no bad blood between him and the label executives Doug Morris and Antonio 'L.A.' Reid, because he considers them "family."

He tells RapRadar.com, "I can honestly say, working with Doug Morris and L.A. Reid has been a unique and fulfilling experience and I respect them immensely. I've been in the family for almost my entire career.

"Doug and I spoke directly and had one of the most unique 'negotiations' ever. I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music."

We don't care what label he's with as long as he releases some new material! We miss Jay's songs.