London, May 23 : Jay-Z has stepped down as the CEO of Def Jam Records.

According to RapRadar. com, the 39-year-old star has revealed that he is now "a completely independent artist" after buying out the remainder of his contract.

"Working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely," the BBC quoted him as saying.

"Doug and I spoke directly and had one of the most unique `negotiations' ever.

"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 added.

Jay-Z had remained with the label after stepping down as CEO last year, and struck a deal worth a reported 150million dollars with concert giant Live Nation, which includes touring, publishing and albums for the next decade.

He has since created a new record label, and has been working on a new album, Blueprint 3, with Kanye West since 2008. (ANI)