Jay-Z has sold his ownership stake in the Brooklyn Nets NBA team.

In a letter posted on his Life + Times website, the rapper and hip-hop mogul explained that he cannot be the owner of a sports team and represent professional basketball players at the same time.

Earlier this month, Jay-Z launched the sports agency, Roc Nation Sports, with New York Yankees' Robinson Cano as his inaugural client.

"Being a member of the Nets organization surpassed some of my greatest ambitions," he wrote. "It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever."

He added: "Our newest endeavour is committed to building the brands of professional athletes as we have done for some of today's top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets."

Jay-Z was the most famous face among the group of investors that moved the Nets from New Jersey to Brooklyn and has actively promoted and marketed the team.

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Hey everyone! Did you know that Taylor Swift and LL Cool J will be taking over the airwaves for an hour on Dec. 5, 2012, to announce this year's Grammy nominees? True story! Also, there'll be a lot of fun live performances - like Janelle Monae joining fun. for a rendition of "We Are Young." Join MSN Entertainmen editor Joan as she live blogs the hour's festivities:

A movie about the now-defunct New York City rock club will be released next year, according to Rolling Stone. Production has wrapped on CBGB, which stars Malin Akerman as Blondie's Debbie Harry, Foo Fighters drummer Taylor Hawkins as Iggy Pop and Alan Rickman as club owner Hilly Krista.

"It is a story of Hilly and how he basically was the catalyst for this gigantic, sea-changing music. And he didn't set out to do that initially, but he became sort of the godfather of punk and underground rock," director Randall Miller told the magazine.

The film, which cost $10 million to produce, will feature more than 40 songs from the era, however writer Jody Savin says the soundtrack has yet to be finalized because "some bands are more cooperative than others."

Read the full story on the CBGB movie via Rolling Stone.

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A spokesperson for George Michael has denied that the pop star is planning to reunite with former Wham! bandmate Andrew Ridgeley for a "one-off pop extravaganza."

The Guardian reports that Michael's reps called the reunion rumours nothing more than careless whispers but added that the star will mark his 30th anniversary in the music industry by releasing his own new single, "White Light." The song will come out on June 29, 30 years to the day that Wham! first entered the charts with the song "Wham Rap! (Enjoy What You Do)."

Wham! reunion rumours frequently pop up over the years. The latest rumour spread after British newspaper The Daily Mirror reported on Wednesday (June 20) that the band would seize a "now or never" moment to play a one-off reunion gig.

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The former brother-in-law of Jennifer Hudson has been found guilty of murdering the singer/actress' mother, brother and seven-year-old nephew.

After three days of deliberations, a Chicago jury convicted William Balfour, 31, on Friday (May 11) of the triple homicide, which took place on October 24, 2008. He faces a mandatory life in prison sentence.

According to The Hollywood Reporter, Hudson was overcome with emotion as the verdict was read and looked over at her sister, Julia Hudson, and smiled.

The star, a former American Idol contestant who won an Oscar for her role in the film Dreamgirls, was the first to testify during the trial. She said she had known Balfour since grade school and had warned her sister against marrying him.

Prosecutors said that Balfour carried out the killings in a jealous rage and relied on circumstantial evidence during the 11-day trial since there was no DNA or fingerprints linking him to the crime scenes. There were no surviving witnesses and the bodies were not discovered for several hours.

Adam Yauch, one-third of the hip-hop group the Beastie Boys, has died at the age of 47, Rolling Stone reports.

Russell Simmons' website GlobalGrind.com first reported the death.

Yauch - also known as MCA - had been in treatment for cancer since 2009. He was diagnosed that year after a tumour was discovered in his salivary gland. At the moment it's unclear if the death is related to the rapper's battle with cancer.

Yauch co-founded the Beastie Boys with Mike "Mike D" Diamond and Adam "Ad-Rock" Horowitz in 1979. The band started off as a hardcore punk group, but soon began experimenting with hip-hop. The band broke big with their first proper album, "Licensed to Ill," in 1986.

The group has won multiple Grammys and were inducted into the Rock and Roll Hall of Fame earlier this year.