Rapper Jay-Z has bought out his recording contract with Island Def Jam records for a reported $5 million. He can now release his new album, "The Blueprint 3" on his own new Roc Nation Label. When asked for comment the rapper said, I can honestly say, working with [Island Def Jams] Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely. Ive been in the family for almost my entire career. Doug and I spoke directly and had one of the most unique negotiations ever. Doug won the toss but, we both won in the end. I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music. He declined to elaborate on the coin toss mentioned and it is not known whether he owns his past releases.