Rap mogul Jay-Z has just partnered his independent Roc Nation music label with major record company Universal Music Group. The 43-year-old entrepreneur entered the global partnership just a week after he closed another mega-deal by signing up New York Yankees second baseman Robinson Cano under his Roc Nation Sports.
"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," according to a press statement issued by Jay-Z's camp. "I look forward to a long and prosperous collaboration with UMG. It feels good to be home."
Jay-Z's latest move is another milestone in the history of Roc Nation, which the rapper has turned from being just a simple record label into a formidable entertainment company, having ventured into other areas as artist management, touring and sports. It's now home to superstar artists and athletes such as Rihanna, Shakira and Timbaland among many others.
Meanwhile, Jay-Z has also revealed that his "Made in America" music festival is returning to Philadelphia for its second annual staging and will take place again during Labor Day weekend, August 31 and September 1, the same as its inaugural run. The rapper posted footage from last year's music fest held at the Benjamin Franklin Parkway in front of the Philadelphia Museum of Art and will reveal the line-up of performers this coming Wednesday, April 10.