Jay-Z announced today (December 24) that he will be stepping down from his role as Def Jam president when his contract expires this year.

Hov, who took up the position in 2004, had been in contract renewal negotiations with Def Jam the past few weeks.

According to The Associated Press, Jay-Z released a statement Monday saying it was “time for him to take on new challenges”.

As reported earlier, Jay-Z's next solo album as an artist will be his last on Def Jam, making him a free agent.

FREE MAN

Bad Boy rapper Yung Joc was freed on $50,000 bail today (December 24) after being arrested a day earlier for carrying a loaded weapon at an airport.

As reported earlier, a gun was found in the rapper’s carry-on luggage at Cleveland Hopkins International Airport early Sunday (December 23) morning. Joc was then taken into custody without incident.

According to USA Today, the weapon discovered was a semiautomatic handgun along with ammunition. Joc has been charged with carrying a concealed weapon, a felony.  He will be arraigned on the charge on Wednesday (December 26).

Joc reportedly told airport authorities that he did not know the gun was in his luggage.

“Yung Joc maintains his innocence,” said the rapper’s lawyer, Stanley Jackson Jr. “He would appreciate privacy as he addresses these allegations.”