As Def Sounds previously reported, Freddie Gibbs and Young Jeezy’s CTE imprint severed ties. Now, Young Jeezy speaks on the reason for dropping Gibbs from the label, and he also makes a big announcement that CTE World has formed a partnership with Atlantic Records.

After word got out that Freddie Gibbs was no longer signed to CTE,  a press release was sent out announcing that Young Jeezy’s CTE World imprint is now involved in a partnership with Atlantic Records, and Jeezy also revealed the reason for getting rid of Gibbs.

As Young Jeezy addressed dropping Freddie Gibbs, he said he had to wipe the slate clean for the re-launch.

Jeezy explained:

Freddie is a talented artist and I decided that it’s time to press reset on my career and business ventures. 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.

The press release stated that Young Jeezy, who was named Senior VP of A&R at Atlantic earlier this summer, and Atlantic chairman Craig Kallman’s will work together in the new venture with CTE and Atlantic, as the release read “[they are]dedicated to the commitment of finding, developing and launching the careers of new talent on a worldwide platform.”

Young Jeezy is currently gearing up to release his new mixtape, It’s Tha World, which is slated to drop tomorrow, 12.12.12.