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Universal Buys Roc-A-Fella And Names Jay-Z Pres./CEO Def Jam

Btdefjamb_1 According to FMQB "Universal Music's Island Def Jam label has officially bought out Jay-Z's successful Roc-A-Fella Records, purchasing the 50% it did not already own from Jay, Damon Dash, and Kareem "Biggs" Burke. The New York Post reports that Universal paid just under $10 million for the rap label, whose roster includes yesterday's leading Grammy nominee Kanye West.  Roc-A-Fella will live on as an imprint label within IDJMG, which had purchased the first 50% of its stake in the label back in 1997 for $1.5 million."

"Additionally, after rumors circulated for months, Jay-Z (real name: Shawn Carter) has been named President and CEO of Def Jam Records. He will report to IDJMG Chairman Antonio "LA" Reid and start at his new position on January 3. Jay-Z had also been pursued by Warner Music's Lyor Cohen for a position within WMG. Cohen had been at Def Jam when the label originally bought into Roc-A-Fella."

Read the full article here.