BUSINESS DEALINGS!!! JAY Z BUYS OUT OF HIS DEF JAM CONTRACT … PAYS THEM $5 MILLION FOR THE RIGHTS TO HIS NEXT ALBUM!!!

Some interesting business dealings are going on. From our peeps over at Hitsdailydouble.com, that Jay Z’s contract with Def Jam is officially over.

Word on the street is that Jay paid $5 million to get the rights to his next album – the last under his old Def Jam concert.

Sounds like risky business move for Hov. In this market, we ain’t sure that any album he’d put out would be worth $5 million. But we’ve learned in the past not to bet AGAINST Jigga – he always seems to come up on top.