LL COOL J, DEF JAM MAY PART WAYS

LL Cool J, who helped launch the extremely successful Def Jam Records in 1985, said that he and the label might be going separate ways.

"Right now Def Jam and I are figuring out where we're at," LL Cool J said Dec. 7 on a Webcast on Fubu's Y2G.com. "My contract is basically up… It looks like I'm going to be moving on."

The Island Def Jam Music Group, where Def Jam is now housed following Universal Music Group's 1998 purchase of Def Jam's former parent PolyGram, had no comment regarding LL's possible departure.

The rapper said the split would be an amicable one. "It's not any bad blood," he said during the Webcast. "We did what we did for a very long time. Def Jam is a great label and they'll continue to have success. I plan on having success, God willing."