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Posted by Robert
Rap News Network
12/8/2004 5:20:44 AM
Tags and topics realted to this article include Jay-Z.
Island Def Jam, which garnered a whopping 28 Grammy nominations yesterday, has one more reason to celebrate.
The record company run by music honcho Antonio (L.A.) Reid, has acquired the 50% stake it didn't already own in Jay-Z's rap powerhouse, Roc-A-Fella Records, music sources say. Island Def Jam and Jay-Z declined to comment.
But while Island Def Jam's cheering, Roc-A-Fella employees are getting the boot. At least 10 were handed pink slips late last week, sources said.
The Roc-A-Fella buyout, valued at about $10 million, gives Island Def Jam complete ownership of a label that has provided it with some of its biggest selling acts, including Kanye West.
In fact, rapper/producer West led the Grammy pack yesterday, nabbing 10 nominations including nods for Album of the Year for "The College Dropout" and Song of the Year. Other hip hop acts on Roc-A-Fella include Beanie Sigel, Memphis Bleek and Cam'ron.
The Roc-A-Fella deal marks the first stage in a new arrangement between Island Def Jam and one of its most prized artists, Jay-Z. The rapper, who says he's retiring from recording CDs, snagged three Grammy nods, including Best Rap Album for "The Black Album."
Island Def Jam is in the final stages of hammering out an agreement that would elevate the superstar rapper for the first time to a top management role at a major label.
Jay-Z, whose real name is Shawn Carter, is set to become president of Def Jam, though a deal has not yet been finalized.
He's also expected to run his own small label, called S. Carter Records.
Jay-Z was pursued by Universal rival, Warner Music, run by music big shot Lyor Cohen, who has a long-standing relationship with the rapper.
Cohen helped build Def Jam and struck a partnership with Jay-Z and Roc-A-Fella back in 1997.
When asked earlier this week whether he would seek to hire Jay-Z, Cohen told the Daily News, "if he were free of any obligation, I would definitely talk to him."
Jay-Z's two other partners in Roc-A-Fella, rap entrepreneur Damon Dash and Kareem (Biggs) Burke are also talking to Island Def Jam about a future role at the music label.
The three Roc-A-Fella partners had previously pocketed $20 million from Island Def Jam to extend their current deal which is set to expire in February.
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