Jay-Z has recently revealed that he is still very much on good terms with Island Def Jam Music Group’s Antonio “L.A.” Reid.

Rumors of beef between Jay and Reid were sparked when Jay-Z stepped down as President of Def Jam Records in December 2007 when his contract ran out despite the labels efforts to keep him on board.

Rumors claimed that Jay-Z’s demands had been excessive and had sparked fierce arguments between himself and L.A Reid.

“It wasn’t a hostile thing,” Jay revealed to MTV News on Sunday night at the 50th annual Grammy Awards.  “I was with L.A. last night. We still gonna continue to work on [things], just not [with me] as the president of Def Jam. But everything is sweet.” adding “You wanna end on a high note.”

As we previously reported [click here] Jay-Z was recently named chairman of advertising agency Translation Advertising which is part of Steve Stoute’s Translation Consultation and Brand Imaging.

Jay-Z told MTV that whatever moves he makes fans can be assured he will always have a strong involvement in music.

“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.” he said. “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.”

Declining sales across the industry dont seem to be bothering the rapper who told MTV “consumption of music is at an all time high.”

Jay-Z is still signed to Def Jam as an artist and is contractually obliged to give the label one more album before he becomes a free agent.