Apple's iPod is the best selling music player in the world. Their iTunes Music Store sells the most digital content (and outsells a lot of brick and mortar stores now). They've hit some snags along the way though because the record companies, ancient behemoths that they are, want to do things their way.

First they didn't want to go DRM free. Though they've now done it anyway, they begrudge Apple having any power over them, and some of them, such as Warner, are going to competitors (like Amazon).

So what's an Apple to do? The rumour mill says Apple is setting up shop with Jay-Z, who just left his lucrative job as President of Def-Jam, creating a record label/company that would be able to start from scratch in the new world and presumably create much better terms for the artists.

Apple has the digital smarts and a huge content delivery system, the Jiggaman is a huge artist and highly respected record exec.

Could be true, could be BS.

I think it'd be cool if it's true, be a nice wakeup call to the record labels if it took off.