Ludacris has refuted published reports stating that he sold his record label Disturbing Tha Peace to Island Def Jam Music Group for $11 million.
Ludacris said that the story, which first appeared in the Lowdown section of the New York Daily News, was bogus. "That's not true at all, that's funny," the rapper told AllHipHop.com.
Concurring, Def Jam publicist Jana Fleisman said, "Luda has not sold DTP. He has entered into a joint venture with Island Def Jam Music Group."
The report claimed that Sony Music USA and Warner Music Group had been competing with Def Jam to acquire Disturbing Tha Peace, which along with Ludacris, includes Atlanta rappers Shawnna, I-20, Lil' Fate, Tity Boi and Dolla Boy.
In related news, Ludacris and guests will party Amsterdam-style tonight (Dec. 2) at a release party for his latest album The Red Light District, due in stores next Tuesday (Dec. 7).
The festivities will feature waterfalls and scantily-clad dancers performing behind glass windows in an effort to recreate the "red light district" theme of Luda’s album.
Disturbing the Peace, Big Boi of Outkast, Jermaine Dupri, Ciara, Jagged Edge and 112 are all expected to attend, and the party takes place in Atlanta at The Foundry at Puritan Mills.