Sony Corp. of America Sells New York HQ for $1.1 Billion

In a move to bolster its balance sheet and cash position, Sony Corp. of America has agreed to sell its 550 Madison headquarters building in New York City for $1.1 billion to a consortium of investors led by the Chetrit Group. 

Sony companies, including Sony Music Entertainment and Sony/ATV Music Publishing, will remain in the building for up to three years, under a sale/leaseback arrangement in a deal expected to close in March. 

According to the announcement, Sony will realize $770 million in net cash proceeds on the deal, after repaying debt and other transaction costs. In a statement, the company said it is "undertaking a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth." 

As part of that, Sony is working to improve its cash flow by carefully selecting investments, selling assets and strengthening control of working capital such as inventory, the company added.

JOEY ADDRESSES THOSE BADA$$ JAY-Z RECORD DEAL RUMORS

Brooklyn rap newcomer Joey Bada$$ has stepped up to silence rumors and gossip blogs claiming he officially joined forces with rap mogul Jay-Z at Roc Nation.

According to Bada$$, media outlets jumped the gun on a deal which, he said, never existed.

"They actually announced it on the radio that I signed with them -- that was dumb as f*ck," Joey said in an interview. "Won't sign to no major, for no wager, less than a 3 million offer of the top, I be in a box when my coffin drops, why settle for an office spot? That type of thing, you know. Not really, major labels is just not where my head is at right now, you know? [Independent?] Yeah, that's more of where my head is at, 'cause that's what I'm tryna to do, I'm tryna go more independent." (The Source)

Joey also discussed what big plans he has to expand his fan base in 2013.

"Well, that part, thats what I was planning last year. Now, I feel like whatever move I do will expand my fan base, so I'm just at a point now where I'm just doing me, cause I feel like I have basically a strong following right now, its just gonna continue to expand, like through word of mouth, just through seeing it, seeing the movement, like growing and everything." (The Source)

Rumors of Joey possibly linking up with Roc Nation emerged in earlier January.

LISTEN: Hip-Hop is doing just fine. Even though it may not be exactly what we want, it really hasn't been that since the very beginning. Now, Jay-Z is the don of dons to this day in Hip-Hop. Really like what dude is doing, even though he has his fair share of critics. With the rumors that he's moving on, I am hearing Jigga man has signed the boy Joey Bada$$ to THE ROC! Man, the kid Joey is only 17 but he's got bars of fury! Furthermore, Joey is from Brooklyn! Wow. He's got that 90?s rawness! Jay is smart for this one, should it be totally true. I gotta give it up. This is smart, because this young man is hungry. Rumor has it, Jay has given up on Jay Electronica. (AHH Rumors)

Recently, renowned booking agent Peter Schwartz spoke to SOHH about booking shows for Bada$$ off the strength of his online presence.

"But nowadays, the Internet's so strong that an artist can put out a mixtape on the web and be worth tickets in Europe right away. For example, we work with Joey Bada$$ and he hasn't really put out an album yet. He's got music on the web but he just went over to Europe and did his first tour there selling out five hundred and six hundred cap clubs his first time there." (SOHH Guest Star)

TARANTINO MILESTONE: "DJANGO" BECOMES HIGHEST GROSSER OF HIS CAREER

Here's a big milestone for director Quentin Tarantino - his newest flick "Django Unchained" is also his best-earning film of all time.

Tarantino's milestone at the box office is a big one. "Django" has earned nearly $130 million at the North American box office since it's release last month, surpassing 2009's "Inglourious Basterds," which picked up $120 million.

However, "Basterds" was a big earner overseas - it made more than $200 million internationally and $321 million overall.

Tarantino's milestones don't stop there. "Django" also earned five Oscar nods, including Best Picture. "Django" may turn out to be Tarantino's most important film ever!

RYAN LEAF IN PRISON: FORMER NFL STAR RYAN LEAF ARRESTED

The downfall of former NFL player Ryan Leaf continues. The former no. 2 overall pick was kicked out of a drug treatment center, and now a judge has sent Ryan Leaf to prison.

Leaf has been in rehab in Helena, MT, but after threatening a staff member he has been sent to a correctional facility. Leaf was charged last spring with breaking into two houses to steal prescription pills, and part of the sentencing in his guilty plea was a nine-month stretch in a drug treatment center.

But now, we'll see Ryan Leaf in prison again, the latest in a long list of run-ins with the law for the former Charger. Ryan Leaf was arrested after the drug center refused to continue treating him, and he will now serve time in prison.

Leaf was the no. 2 pick in the NFL Draft in 1998, and was nearly the first overall pick over superstar Peyton Manning. But injuries, drug issues and behavioral problems have stamped him as one of the biggest busts in NFL history.

He has had numerous drug-related issues, and Ryan Leaf in prison is reminiscent of other promising NFL prospects who saw their careers derailed, including former USC star Todd Marinovich and former top pick and LSU star JaMarcus Russell.

It's too bad that Leaf is more known for prison than for football, but there's a reason "Ryan Leaf prison" trends so frequently online.

Ron Fair in Talks to Helm Virgin Records

Producer and former Geffen Records chairman Ron Fair is in talks to take a presidential or chairman-level post at a revived Virgin Records, a source close to the situation confirmed to Billboard.biz. The source emphasized that the deal is still being negotiated and, if successful, could be struck imminently or within a few weeks. 

Virgin is a division of the former EMI labels that were acquired by Universal last year, which are now united under the Capitol Music Group umbrella; Steve Barnett came over from Columbia to helm the group last fall. The labels in the group are Capitol, Virgin, Blue Note, Astralwerks, Harvest, Capitol Christian Music Group and Caroline. Dan McCarroll, most recently president of the Capitol & Virgin Label Group, is expected to remain at the helm of Capitol. 

Fair, who was hired in a consultancy role at Front Line management in April of last year, has a 30-year track record as an A&R executive and record producer. He is known for shepherding the career of Aguilera and his contributions to producing and providing A&R services for the Black Eyed Peas, Mary J. Blige, Queen Latifah and others. His recordings have won 18 Grammy Awards. He previously held positions at Chrysalis Records, RCA Records, Island Records and EMI Records. Fair's recent projects include Matt Goss, children's' television show "The Gonnabeez," The New Pussycat Dolls, and this season's finalists from NBC and Universal Record's hit show "The Voice."

CHIEF KEEF IN JAIL? RAPPER GETS SENTENCED

It's been a rough week for Chief Keef, and it just got worse. The teenage rapper was sentenced this week to 60 days in juvenile detention for a parole violation, thanks to a viral video involving some gun play.

Chief Keef, government name Keith Cozart, was on probation for pointing a gun at Chicago police officers in 2011, and violated that probation after appearing in a promo video at a gun range.

Apparently, Sosa broke down crying at the sentencing, after the judge said he wouldn't tolerate the teen’s “blatant violations of the court’s order.”

This isn't the only bad news for Keef - he's being sued for no-showing at a concert in London last month, and he's still under investigation for involvement in the death of fellow Chi-town rapper JoJo.

Elizabeth Sobol Named Decca Label Group President and CEO

Elizabeth Sobol, current managing director at IMG Artists North America, has been named the Decca Label Group's president and CEO effective April 15th. 

Sobol will report to Universal Music Group International's chairman and CEO Max Hole, who was promoted to that position last week after serving as that company's COO since 2004.

Named Universal Music International Chairman and CEO

"I'm delighted to welcome Elizabeth to the Decca Label Group where her passion for music, innovation and creativity make her the ideal choice to develop the Deutsche Grammophon, Decca and Mercury Classics' labels in the US,"  said Hole in a statement.

At IMG Artists, Sobol was responsible for the creation of the company's Dance, Latin Music and World Music/Jazz/Attractions divisions, as well as signing 40 contemporary artists.

"It is difficult to adequately express my excitement about working with Max Hole, the Decca Label Group team and all the great artists at Universal and with them, to build the best and most creative set of music labels in America," Sobol stated.  I have had a rich and rewarding time at IMG Artists and look forward to continued collaboration in the future."