Carey is signing with Roc Nation to manage her career after firing former manager Stella Bulochnikov earlier this month.
“[Mariah’s] cleaning house. She is getting legitimate people, assistants, a lawyer, and Stella is not happy about it,” an insider confirmed.
“Previously, there were all kinds of people involved [in her career] and Mariah didn’t even know those people. She had to distance herself from all that and she’s now cleaning house,” the source said.
Carey will join a roster that includes Rihanna, J. Cole, Shakira, DJ Khaled, T.I., and Big Sean. She hopes to tap into Jay-Z’s entrepreneurial vision, which, as Business Insider notes, has “grown exponentially since the rapper’s career took off in the early 1990s.”
The mogul has made some major business moves since 1995 when he founded Roc-A-Fella Records. He has since launched a clothing company, a sports management company, and music streaming service.
Below is a brief history of Jay-Z’s most notable businesses and investments, the total of which have earned him an estimated net worth of $810M, making him the second richest hip-hop artist in the world.
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In 1995, Jay-Z used the money he received from signing a deal with Payday Records to start his own label, Roc-A-Fella Records, alongside his former associates, Damon “Dame” Dash and Kareem “Biggs” Burke.
Roc-A-Fella’s first release was Jay-Z’s debut album, “Reasonable Doubt,” which dropped in 1996 to critical acclaim and modest commercial success.
The label would go on to release some of the most commercially successful rap music of the late 1990s and 2000s, including Kanye West’s first six albums, and every Jay-Z album through 2013’s “Magna Carta Holy Grail.”
Roc-A-Fella went defunct in 2013, five years after Jay-Z had started his second successful label, Roc Nation.
In 1999, Jay-Z and Damon Dash created Rocawear, an urban clothing line that would go on to have annual sales of around $700 million during its peak in the early 2000s, according to The New York Times.
After having a falling out with Dash in 2006, Jay-Z took over the company and sold Rocawear to the Iconix Brand Group in 2007 for $204 million.
He no longer has a stake in the company.
The 40/40 Club
In 2003, Jay-Z opened The 40/40 Club, an upscale sports bar and restaurant in Manhattan’s Flatiron District. He co-owns the club with his business partner Juan Perez, who would go on to be the president of Jay-Z’s sports management firm, Roc Nation Sports.
The restaurant chain expanded to five locations over the next 11 years, including Atlantic City, Las Vegas, the Barclays Center in Brooklyn, and the Hartsfield-Jackson Atlanta International Airport.
Jay-Z teamed with entrepreneur Jay Brown to found the entertainment label Roc Nation in 2008.
Roc Nation’s roster includes Rihanna, J. Cole, Shakira, DJ Khaled, T.I., and Big Sean. The company is owned by the entertainment company Live Nation, and it has offices in New York City, Nashville, Los Angeles, and London. It launched its own sports management division, Roc Nation Sports, in 2013.
In April 2017, Roc Nation announced the launch of Arrive, a venture capital firm that provides brand services and business development to early-stage startups.
Roc Nation Sports
In 2013, Jay-Z launched Roc Nation Sports in a partnership with the Creative Artists Agency (CAA).
Roc Nation Sports currently represents star athletes like Golden State Warriors forward Kevin Durant, Dallas Cowboys wide receiver Dez Bryant, Los Angeles Rams running back Todd Gurley, and Seattle Mariners second baseman Robinson Canó.
Michael R. Yormark, Roc Nation’s president and chief of branding and strategy, described Jay-Z as having an “entrepreneurial spirit that is absolutely contagious.”
“When I joined Roc Nation, he immediately encouraged me and my team to take chances with Roc Nation Sports because you can’t have an ounce of fear when you’re building a business,” Yormark told Business Insider. “Thanks to Jay’s leadership and strategic vision over the years, Roc Nation Sports has grown exponentially by signing world-class athletes across a vast array of sports. We believe there’s nothing we can’t accomplish and that is a testament to the attitude that Jay and Roc Nation Sports President Juan Perez has instilled in us.”
After Jay-Z acquired the Norwegian tech company Aspiro in March 2015, he quickly relaunched the company’s streaming service, Tidal.
Sixteen major artists, including Kanye West, Madonna, and J. Cole were announced as co-owners and stakeholders of the first “artist-owned” streaming service. The service’s business model has centered around hosting exclusive releases from artists like Jay-Z, Beyoncé, and Kanye West.