[mangwata]

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

[ARVIN]

the yahoo version http://story.news.yahoo.com/news?tmp.../music_jayz_dc


Jay-Z Named Def Jam President/CEO

2 hours, 57 minutes ago Entertainment - Reuters


By Tamara Conniff

NEW YORK (Billboard) - Rapper Jay-Z has been named president and CEO of Def Jam Recordings, home of such acts as Grammy frontrunner Kanye West and rap veteran LL Cool j.


Reuters Photo



He will report to Antonio "L.A." Reid, chairman of the Island Def Jam Music Group, which is part of Universal Music Group. Based in IDJ's New York offices, Jay-Z will officially take his new post on Jan. 3.


Jay-Z (real name: Shawn Carter), will continue to run his record company Roc-a-Fella. IDJ recently bought the remaining 50% stake in the label from Jay-Z and his business partners Damon Dash and Kareem "Biggs" Burke.


Over nearly a decade the Roc-a-Fella brand has spawned other ventures, including the Roca Wear clothing line, films including "Fade to Black" and "State Property," the 40/40 nightclub and a Reebok sneaker line.


"After 10 years of successfully running Roc-a-Fella. Shawn has proven himself to be an astute businessman, in addition to the brilliant artistic talent that the world sees and hears," said Reid in a statement. "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."


"I have inherited two of the most important brands in hip-hop, Def Jam and Roc-a-Fella," says Jay-Z. "I feel this is a giant step for me and the entire artistic community."


Jay-Z announced his "retirement" as an artist after the release of "The Black Album" (Roc-A-Fella/Def Jam), which debuted at No. 1 on the Billboard 200, and yielded three Grammy nominations for him Tuesday. But retirement hasn't been easy for the superstar -- his mash-up collaboration "MTV Ultimate Mash-Ups Presents Jay-Z/Linkin Park: Collision Course" (Warner Bros.) debuted at No. 1 on The Billboard 200 this week.




MANG' AM SURE YOU ARE DAMN HAPPY FOR THAT GUY.
M.S. here....