Medina said in a joint statement that his company, Handprint Entertainment, will no longer be handling Banks' career, however, he is positive that the two will still work together in future efforts.

"Tyra Banks is a highly regarded artist, entrepreneur and producer, and I respect her vision for developing her own bankable brand," said the joint statement. "Tyra and Handprint Entertainment look forward to the opportunity to work together on existing or new ventures. This is a great thing for everyone involved."

Telepictures, which syndicates Tyra Banks' talk show, had a source talk to New York Daily News and said that the 33-year-old former supermodel cut ties with Medina because she was tired of his suggestions and demands.

"His perk list is bigger than hers. Everything from private jets and votive candles that the staff has to light before he gets to the set. He forgot who the star was," the source explained.

However, a representative of the same company countered these arguments by saying that Medina will still be part of Banks' career.

"We have a good relationship with Benny, and we appreciate his contributions to the show. He will continue as an executive consultant on the show," the representative said.

On another note, other reports say that Banks' new boyfriend, investment manager John Utendahl, had something to do with Medina's firing. A close friend of Banks denied these speculations.

"John had nothing to do with this," the friend said. An extreme and exceptional example of this is a little company called Microsoft. The head of this small company had some software called MS-DOS and no customers. He reached a deal with a company called IBM who made computers and was already a known and respected company in the computer industry. They also had a large number of customers. The deal was for every computer sold, it would have MS-DOS already installed with the agreement that this little company called Microsoft would give lifetime upgrades for its software. Well, the rest is history and it made the head of that small time company a billionaire by the time he was 31 years old.

Another benefit would be the mutual use of experts in other areas of expertise and or technology. By using the above example for this point, the computer company has a great writer and the software company's programmers are not good at explaining how this software works or what it can do. The computer company's writer can then be used for a tutorial on how to use the software along with the tutorial on how to operate the computer. This then will make using the computer and software much easier for the customer.

Parting ways with her manager did not have a negative effect on the former supermodel's career as her successful reality series, America's Next Top Model, has been renewed for at least six more cycles. Moreover, her talk show, Tyra, will be premiering its new season on September 10.

The ninth cycle of America's Next Top Model will be aired on September 19, with an hour long premiere, as opposed to the previous seasons' two hour premiere episodes. The network decided to cut it off to make way for the series debut of Gossip Girl.