Jay-Z may be a free agent for now, but he’s in talks to cut a deal with WMG/Atlantic that could make him one of the richest and most powerful men in music (He already is).  A well-placed industry source tells us that Jay – who recently left Def Jam as a recording artist (he served as its president from 2004-2007) – has been taking top-secret meetings with his old pals and former managers Lyor Cohen and Kevin Liles. Topics of the hush-hush conversations have included giving Jay his own record label at WMG, tentatively to be called the Carter Music Group.

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