After just finishing producing Chris Cornell’s album, Timbaland is moving on to produce Jay-Z’s next LP.

A start date for the production hasn’t been locked down yet, but Timbaland says he’d like to lock down at least a few months of time to work his beat magic.

Jay-Z’s brand spankin new 40/40 Club in Las Vegas opens it’s doors right in time for a huge New Year’s Eve bash.

The new $20 million 40/40 Club Las Vegas is the third location of Jay-Z’s renowned upscale sports bar and lounge, following in the footsteps of his highly successful 40/40 Clubs in New York and Atlantic City. The newest 40/40 Club will be located in The Palazzo, a 643-foot, 53-story extension of The Venetian and Sands Expo complex on the famed Las Vegas Strip, which will be opening on the same day.

The multi-level venue features 85 plasma screen televisions, five bars serving “top-shelf” wines and libations, and leather couch seating for ultimate sports enjoyment, plus a luxurious dining area offering all-American fare with a Latin accent and five VIP rooms.

After only two years as President of Def Jam Records unit, hip-hop mogul Shawn “Jay-Z” Carter is ready to call it quits. During his short tenure, he signed such greats as R&B singers Rihanna and Ne-Yo.

According to Str8HipHop:

Universal said Carter, a top-selling rapper who performs as Jay-Z, will continue recording for its Roc-A-Fella/Def Jam label. But the company did not give a reason for his decision to quit the executive suite.

“Now it’s time for me to take on new challenges,” he said in a statement. “I am pleased to have had the opportunity to build upon the Def Jam legacy,” he added.

Carter will focus on his expanding franchise of 40/40 Nightclubs over the next year and other businesses, according to a source familiar with his plans.

Earning an estimated $34 million a year, Jay-Z regularly tops the list of richest hip-hop moguls. It’ll be interesting to see, if this departure as President from Def Jam will affect his earning potential.

Releasing a number one selling album isn’t new news to Jay-Z. Since 1998, the hip-hop rapper’s solo studio albums have all hit number one, including his collaboration titles with Linkin Park and R.Kelly.

Jay-Z’s newest album “American Gangster” (Def Jam) is the latest to join that list, giving him a total of 10 number one selling albums. He now ties Elvis for second place for the most number one albums. The only group left to beat, is The Beatles who hold the top spot with 19 albums.

Jay-Z has mad talent and is no doubt a legend, but topping The Beatles is going to take a bit more magic in this day and age.

Rapper and hip-hop mogul Shawn “Jay-Z” Carter is selling his Rocawear clothing company for $204 million in cash to Iconix Brand Group. The deal which was announced yesterday may also land him a nice bonus of $35 million in Iconix stock, if the Rocawear brand meets a few performance markers in the next three to five years.

To ensure that happens, Iconix is keeping Jay-Z on to oversee the marketing, licensing and product development of Rocawear. I’m sure with the $35 million incentive, it didn’t take much for him to accept this position.

Damon Dash who helped found Rocawear must be seriously regretting selling his portion of this lucrative clothing line last year.

(via YGG)

Aries Spears does his rap impersonation skit on the Live 105 Morning Show. You may remember Spears from one of the three black comedians on FOX’s sketch comedy series MADtv.

I’ve watched Spears perform the same skit at Wild 94.9’s Doghouse Comedy Jam a couple years ago, and the voices are pretty spot on.

The “Lost One” video from Jay-Z’s new album – Kingdom Come, premiered yesterday on BET’s 106 & Park . It’s definitely one of the better songs on the album. Peep the video.

Jay-Z is holding nothing back as he comes out of retirement. To celebrate his triumphant return, the rap superstar did what seemed physically impossible, seven 30-minute concerts in seven different cities in just one day! Within 24 hours, Jay Z crossed the U.S. and made stops in Atlanta, Philadelphia, Washington, New York, Chicago, Los Angeles, and ended in the city of sin, Las Vegas.

This would be impossible for most folks, but Jay-Z has his own personal superjet and police escorts to get him where he wants, when he wants.

Jay-Z’s new album, “Kingdom Come” hits stores today!