According to published
reports, Island Def Jam has acquired the remaining 50% stake in Roc-A-Fella Records
for $10 million dollars.
The buyout gives
Island Def Jam 100 % ownership of the hit making label, which helped power parent
label Universal to a whopping 28 Grammy nominations – 10 of which came
from Roc-A-Fella artist Kanye West, while Jay-Z notched three.
In 1997, Island
Def Jam had already acquired a 50% stake in Roc-A-Fella Records for just $1.5
renegotiated their deal several years ago and extended their contract with Island
Def Jam for $20 million dollars, bringing the final selling price to just over
$30 million dollars.
boasts such quality artists as Beanie Sigel, Freeway, State Property, Peedi
Crack, Noreaga, Nicole Wray, Memphis Bleek and others, will be folded into the
Island Def Jam label.
Island Def Jam
is negotiating with Jay-Z about taking over as president of the legendary label,
while Dash is planning a new venture.
In related news,
Jay-Z’s hot streak continues, despite going into “retirement”
“Mash Up” album with Linkin Park, Collision Course, will
land at the top of Billboard’s Top 200 Charts, giving Irish rockers U2
the boot from the #1 position.
moved over 350,000 copies the first week in stores, moving U2’s How
To Dismantle An Atomic Bomb to the #2 position, while Eminem’s latest
effort Encore will drop to #3.