Rapper Jay-Z - Contributed

Bangshowbiz:

Jay-Z wants US$100 million to launch his own record label. The hip-hop mogul - who recently quit his role as president and chief executive officer (CEO) at Def Jam Recordings - is reportedly asking music labels for the mammoth investment for new project Carter Music Group, but has so far seen his demands dismissed.

A source told the New York Post newspaper: "Jay-Z is asking for way too much. He wants a label to give him US$100 million for the Carter Music Group and provide for overhead, development and digital investment. It's crazy. He wants the label to basically be his venture capital fund but, unlike a venture capital, they won't get 50 per cent."

A venture capital fund involves the investment of money into smaller companies, which are often thought to carry more risk. A representative for the 99 Problems rapper branded the reports nothing more than 'rumours'.

Jay-Z, real name Shawn Carter, left Def Jam late last year amid claims he wasn't making enough money.

Last year, Jay-Z was named the second highest earning musician in the world by business bible Forbes magazine, with annual earnings of US$83 million. His other business interests include owning a series of 40/40 sports bars across the United States, and a stake in the New Jersey Nets basketball team.