After finally reaching
a deal to sell the remaining portion of Roc-A-Fella Records to Island Def Jam
for $10 million dollars, Jay-Z was named president of the legendary label founded
by Rick Rubin and Russell Simmons in 1985."I
have inherited two of the most important brands in hip-hop, Def Jam and Roc-A-Fella,” Jay-Z said. “LA Reid and the Universal Music Group have given me the opportunity to manage the companies I have contributed to my whole career. I feel this is a giant step for me and the entire artist community."Simmons said that Jay-Z’s appointment to president would help the Def Jam brand name in the marketplace.“Jay-Z running the Def Jam label is going to be great,” Russell Simmons told AllHipHop.com. “I couldn’t be happier; this is a great honor for all of those
who laid the groundwork for Def Jam. Jay’s involvement is a great thing
for the Def Jam brand.”Jay-Z will report directly to Antonio “LA” Reid and will continue to run Roc-A-Fella
Records as part of the deal.Reid acknowledged
Jay-Z’s business acumen and his ten-year track record of running the Roc-A-Fella
label.“We are fortunate
that he has agreed to take over as president & CEO of Def Jam Recordings,”
Reid said. “I can think of no one more relevant and credible in the hip-hop
community to build upon Def Jam’s fantastic legacy and move the company into
its next groundbreaking era." The appointment
is effective January 3, 2005, with Jay-Z operating out of Island Def Jam’s
New York offices.
