The Snowman also moves his music imprint to Atlantic Records.
Yesterday Freddie Gibbs confirmed that he has parted ways with Young Jeezy's Corporate Thugz Entertainment label, saying that the split was "mutual" and that there was no bad blood between himself and Jeezy. Today, amid news that CTE has inked a distribution deal with Atlantic Records, Jeezy addressed Gibbs' departure himself.
"Freddie is a talented artist and I decided that it’s time to press reset on my career and business ventures," Jeezy said in a statement. "I have no doubt that Freddie will go on to be everything I believe he can be, and I wish him the best in his career. This is a fresh start for the CTE brand as we re-launch it. This is why I chose to wipe the slate clean and create an outlet to support and nurture new artists to the best of my ability."
Jeezy was named senior vice president of A&R at Atlantic earlier this summer.
Interestingly, the Snowman's bitter rival Rick Ross has also just struck a deal with Atlantic. In a recent interview, Ross announced that his Maybach Music Group imprint will be moving to Atlantic from Warner Bros. Records.
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(Photos from left: Jason Merritt/Getty Images For BET, Johnny Nunez/WireImage)