The news of the Beyonce cutting business ties with her father and longtime manager Mathew Knowles has the internet a buzz. With the speculation, assertions and half-facts starting to make there way around the gossip mill, the 60 year old Knowles released a statement in response to the split with his daughter:

The decision for Beyoncé and Music World Entertainment to part was mutual. We did great things together, and I know that she will continue to conquer new territories in music and entertainment. Currently, I am very focused on the tremendous investment that our record label has made in the gospel/inspirational genre of music and on our supremely talented roster of artists, including Trin-i-tee 5:7, Brian Courtney Wilson, Juanita Bynum, Micah Stampley, Vanessa Bell Armstrong, Pastor Rudy and others.

Music World will continue its partnership with Sony with Destiny’s Child and UK female group From Above, as well as management.  We will also continue to develop the Music World family of labels: Music World Country/Compadre, Music World Kids and Music World Music. In Music World’s repositioning it will not continue its label/management role with Columbia/Sony artist Tiffany Evans.

Business is business and family is family. I love my daughter and am very proud of who she is and all that she has achieved. I look forward to her continued great success.

Could this mean Bey will be creeping under her hubby Jay Z’s Roc Nation umbrella? Do you think this move will help or hurt her career? Sound off below.

TAGS: Above, Beyonce, BRIAN COURTNEY WILSON, Destiny's Child, Juanita Bynum, MATHEW KNOWLES, Micah Stampley, Music World Country, MUSIC WORLD GOSPEL, Music World Kids, Music World Music, Pastor Rudy, Tiffany Evans, Trin-i-tee 5:7, Vanessa Bell Armstrong