Jay-Z Insists There's No Bad Blood Between Him And L.A. Reid: 'Everything Is Sweet'

Hov also dishes on his future endeavors: 'I got so many different options.'

Jay-Z says there is zero animosity between him and Island/ Def Jam chairman L.A. Reid. Hov didn't leave his post as president of Def Jam under less-than-amiable circumstances — he just wanted to find the next big venture.

"It wasn't a hostile thing," he explained on the red carpet at the Grammy Awards on Sunday night. "I was with L.A. last night. We still gonna continue to work on [projects], just not [with me] as the president of Def Jam. But everything is sweet."

Jay leaves in his wake some albums that were in the limelight on Sunday: Kanye West's Graduation, Ne-Yo's Because of You and Rihanna's Good Girl Gone Band — all of which were released during Hov's tenure at Def Jam — won Grammy trophies, or feature songs that did. Now that his time in office is done, Hov said it was "fantastic" to see his former artists receive such high honors.

"You wanna end on a high note," he said.

Well, what about Jay's next beginning? He has been rumored to be starting so many business endeavors, including ones with companies such as Apple and even Warner Bros. Records, MTV News had to ask.

"I got so many different options," Jay said. "I wanna continue to push the envelope, represent the culture well. Make the people proud. The next thing is gonna involve a little bit of everything. It has to involve music, 'cause I love music.

"But I have so many other skills as an entrepreneur I can add to that," he continued. "Even with the decline in CD sales, music [consumption] is at an all-time high. ... People still love music as much as ever. I'm trying to help other artists figure that out so you can make beautiful music and you don't have to pay your bills with your CDs. You're making money in so many other places. I'm just trying to figure that out."

Jay just completed the video for "I Know," a track featured on his American Gangster album.