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While there are as many as three major labels battling it out to sign Drake, the Toronto-born MC signed to Lil Wayne’s Young Money label is close to signing a deal with Universal Motown, a source close to the negotiations confirms.

Sources say three majors are in possibly “one of the biggest bidding wars ever” in hopes of signing Drake, including Universal Motown and Atlantic Records. The presence of Warner Music Group’s CEO Lyor Cohen and COO Julie Greenwald at Drake’s recent New York show further intensified the speculation that WMG was making a serious play.

“Drake is very talented,” rapper Bun B, who collaborated with Drake on his popular mixtape “So Far Gone,” told Billboard.com this week. “There’s a difference between trying to be an artist and being one. Drake has the confidence to go very far and the chance to make history.”

Although another source says Universal is the closest to snagging Drake, especially given the already established relationship between Cash Money/Young Money and the label, another label has allegedly offered $2 million dollars up front in order to further persuade the young artist to join its roster instead.

“Just know that whatever label we sign to it’ll be because they’ll add to what we’ve created on our own,” Drake, who offers no clues about which label he’ll choose to sign with, told Billboard.com last month. “I am very happy in my situation now, which is signed to Cortez [Bryant] and Gee Roberson at Young Money and management through ‘Hip Hop Since 1978.’ The most important thing for me is being around my team – they are stronger than any label.”

After all the controversy surrounding the incident at MTV’s Movie Awards this weekend, where Sasha Baron Cohen landed in Eminem’s lap, the rapper has finally responded.

At Sunday’s (May 31) 2009 MTV Movie Awards, held at the Gibson Amphitheatre in Universal City, Calif., Sacha’s flamboyant character Brüno flew in on a wire, hanging above the audience, dressed in a pair of feathery white wings with his rear end with nothing by a thong on. He landed head first into Eminem’s lap, with his ass in the air, directly in the rapper’s face.

Eminem didn’t seem pleased about the prank, shouting out “Are you f***ing serious? Get this motherf***er off of me.” Then, members of his entourage roughly removed Baron Cohen from atop Em, and then the rapper stormed off, through the audience, and disappeared backstage.

The incident has been the talk of the town since it took place. Many speculated whether or not it was staged, or real. In a poll we had been compiling since Sunday night, 40% of the votes believed it was staged, and they were right.

In an interview with RapRadar.com Wednesday (June 3), Eminem spilled the beans.

“Sacha called me when we were in Europe and he had an idea to do something outrageous at the Movie Awards. I’m a big fan of his work, so I agreed to get involved with the gag,” the rapper explained.

“I’m thrilled that we pulled this off better than we rehearsed it. It had so many people going ‘nuts’ so to speak. Everyone was blowing me up about it.”

The prank worked. Everyone, including celebrities were stunned by what took place. Several celebs twittered about the incident, including Travis Barker, Soulja Boy, Ryan Seacrest, and even Borat.

Ryan Seacrest:

“bruno and em.. I have to think somehow Em’s people knew Sasha would be lowered, but might have been pissed about the full moon in his face.” He later added, “First MTV person said real … another said unsure … I figure it was planned but Em didn’t know Sasha’s bare moon was going to be in his face.”

Travis Barker:

“If i was EMENEM I would’ve swung on him … not kool. I love jokes but some dude’s a** in your face is a no no 4 me.”

Perez Hilton:

“this has to be said … Sasha Baron Cohen has a very nice a**!”Soulja Boy Tell’em:

“Whooaaa!!!!! This naked dude just landed on Eminem in the audience … Yooo Em is MAD!!!! That was messed up!!! I seen that naked dude on red carpet I was like WTF who is that eww.”

Borat:

“I found out last night that Eminem got his name from the size of his package.”

So, there you have it. After all the chatter and rumors, it was all a hoax. One thing I can say is that Eminem is a good actor, because he looked pissed to me

Brooklyn’s Fabolous is promising fans his most personal album with Loso’s Way, slated to be released later this month.

The main theme of the album will focus on the dangers and challenges of transitioning from street life to an honest living.

The motif reflects its movie inspiration, Carlito’s Way, which starred Al Pacino as a gangster struggling to go straight after years of criminal activities.

Along with the LP, Fabolous will drop a 30 minute mini-film companion piece.

Several trailers for the project are now available on youtube, and have helped in creating a buzz for the Brooklynite.

To date, two advance singles have been released for Loso’s Way: The Dream-assisted “Throw It In the Bag” (produced by Tricky Stewart), and “It’s My Time,” featuring Jeremith and produced by the Runners.

The former is listed as the #1 Most-Added song in the Rhythm radio format, while the latter holds the same distinction in the Urban format.

Both singles also premiered last week on MTV.

The album will be the first in 3 years for Fabolous, and serve as a followup to 2007’s gold-certified From Nothin’ to Somethin’. At press time, Fabolous is scheduled to perform in Los Angeles with NeYo at this year’s BET Awards on June 28.

Loso’s Way

will be released on June 30 through Desert Storm/Def Jam.

The entire tracklisting is available below:

The Way “Intro” Produced by Streetrunner Feel Like I’m Back – Produced by Justice League

My Time feat Jeremih Produced by The Runners

Imma Do It featuring Kobe Produced by Khalil

Everything, Everyday, Everywhere feat Keri Hilson – Produced by Ryan Leslie

Throw It In The Bag feat The Dream – Produced by Tricky

When The Money Goes – Remix feat Jay-Z Produced by Jermaine Dupri

Salute feat Lil Wayne – Produced by Miguel

There He Go Featuring Paul Cain, Red Café and Freck Billionaire– Produced by THE BLACKOUT MOVEMENT

The Fabolous Life feat Ryan Leslie – Produced by Ryan Leslie

Makin Love feat Ne-Yo – Produced by Jermaine Dupri

Last Time feat Trey Songz – Produced by Jermaine Dupri

Stay feat Marsha Ambrosius Produced by Syience

Pachanga Produced by Sid V

Lullaby Produced by Alchemist

Never Let It Go Featuring Keys Produced by Khalil

I Miss My Love Produced by Sean C. and L.V.