Lil Wayne Signs New Deal With Jay Z

Lil Wayne dropped a bombshell Saturday that left fans simultaneously celebrating and speculating over what it could mean.

"I just signed a deal with my motherf--king idol, Jay Z," said the rapper, whose real name is Dwayne Carter, as he took the stage at KMEL Summer Jam.

The crowd erupted in cheers and rumors started spreading through the internet: Did this mean Lil Wayne was signing with Jay Z's Roc Nation label amid a long-running beef with his current label, Cash Money Records?

Not so, Lil Wayne's manager told Billboard. Lil Wayne was referring to his involvement with Tidal, Jay Z's music subscription service, Cortez Bryant said. Lil Wayne joined Tidal as a co-owner this month, according to Forbes, and dropped an exclusive new track "Glory" to celebrate.

"The Internet and blogs took his words out of context," Bryant told Billboard. "When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal."

It's not exactly the collaboration some fans might have been hoping for. But Lil Wayne teaming up with Jay Z in any capacity is a big deal for a number of reasons.

For one, they're the two of the biggest names in hip-hop, responsible for dozens of Grammys and #1 hits between them. And, there's no shortage of mutual adoration -- despite that time Wayne once sang of kidnapping Beyonce. Lil Wayne told PEOPLE that Jay Z's "Lucky Me" is his favorite song of all time, so much so that he has "Lucky Me" tattooed on his neck and a verse of that song tattooed on his leg.

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