According to the New York Post, the unstoppable Kanye West has formed a joint-venture record label with Sony BMG called Getting Out Our Dreams (or GOOD for short). The label has been in development for three months and its first release will be the West produced debut album from singer/ songwriter John Legend. Commenting on the Kanye West joint venture, SonyBMG boss Don Ienner told the Post: "We don't make many of these deals, because, honestly, they don't usually work. But this is one deal we would have said yes to at any point".
Elsewhere, insiders say to expect an announcement soon confirming that Jay-Z is to be appointed as the new President of Universal's Def Jam Records. The appointment will be part of Universal's complete takeover of Jay-Z's Roc-A-Fella label. Jay-Z's business partner Damon Dash is expected to launch a new venture outside the Universal fold.