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Jay-Z To Step Down As President Of Def Jam
Rap superstar Jay-Z said yesterday that he will step down from his post as president of Def Jam Recordings, one of the world’s biggest record labels.
Negotiations to renew his contract reached a stand still earlier this month when Jay and the label could not reach an agreement on the exact compensation required for him to continue running the label. Def Jam’s parent company Universal complained that the amount Jay was requesting was simply more than the company could afford to pay.
With record sales lagging across the board, Universal simply couldn’t justify meeting Jay’s figure. Jay-Z, whose real name is Shawn Carter says he has no hard feelings and that it was an honor to serve as President of such a prestigious record label.
“I’ve been incredibly fortunate to have served as president of such a culturally-defining label as Def Jam over the last three years,” Jay said in a statement. “During that time, I’ve had the pleasure of working with many of the world’s most dynamic artists and many of the most dedicated and talented executives in the music business today, including [IDJMG Chairman/ CEO] Antonio “L.A.” Reid. But now it’s time for me to take on new challenges. I am pleased to have had the opportunity to build upon the Def Jam legacy, helping to move the company into a new era of artistic success.”
Under his leadership, Def Jam released top-selling albums from Kanye West, Young Jeezy, Rick Ross, and Fabolous, just to name a few. He also discovered top-selling pop act Rihanna, and as a performer he lent his skills to an array of Universal acts including Amy Winehouse.
Jay will remain as President and CEO of his own Roc-A-Fella Records under the Def Jam umbrella, and will continue as a recording artist for the label.
While he may be leaving his Def Jam post, he certainly won’t be out of a job. In addition to being part owner of the New Jersey Nets, Jay also runs a successful clothing company, nightclub chain, and numerous other businesses.
Jay-Z is one the wealthiest men in the music industry with a net worth in the neighborhood of $400 million.
-Chris Jones
Rapper Pimp C Found Dead
From TMZ:
Pimp C, real name Chad Butler — and one half of the rap duo UGK, was found dead in a hotel room this morning. He was 33.
L.A. County Fire responded to a 911 call at the Mondrian Hotel, located on trendy Sunset Strip in Hollywood. They arrived to his sixth floor hotel room to find him dead in bed.
UGK is best known for appearing on the Jay-Z track “Big Pimpin’” in 2000, and more recently with Outkast on the song “International Player’s Anthem (I Choose You).” Pimp C had just performed with fellow rapper Too Short at the “House of Blues” in L.A. on Saturday night.
As a huge fan of hip-hop, I can say that Pimp C will definitely be missed. I grew up listening to Pimp C and UGK, and here in Houston they have always been considered hometown heroes.
-Chris Jones
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