|Jay-Z to Become Def Jam's President|
|Home Theater News Music - General News|
|Written by Diane Sherwin|
|Tuesday, 12 October 2004|
Universal Music Group is reportedly in the final stages to purchase Roc-A-Fella Records and appoint Jay-Z President of Def Jam Recordings. According to The New York Times, Universal Music is anticipated to pay $10 million to acquire the Jay-Z and his partners at the successful Rock-A-Fella Records, which includes artists such as Jay-Z, Kanye West, DJ Clue and others. Jay-Z (née Shawn Carter) is also credited on collaborations with artists such as Beyonce in the hit single "Crazy In Love" and R. Kelly.
Earlier this year, Jay-Z reportedly announced that he is retiring from making albums, but the validity of this statement has yet to be confirmed. If so, it would ease his transition into an exective for Def Jam.
Jay-Z's latest album is called 2004 Unfinished Business and will be released on October 26th through Roc-A-Fella. If Jay-Z closes the deal with Universal Music, any new releases would be through Universal Music, but he has the option to create a new label with any music company.
Source: The New York Times