According to sources, veteran rap label Def Jam has inked incarcerated rapper Shyne to a record deal.
Shyne was sentenced to a 10-year bid in 2001 after being convicted in a high profile nightclub shooting in Manhattan. Where he ends up after he leaves prison has always been the talk of much speculation.
Under the deal, Def Jam has created a custom label for the rapper, Gangland Records.
The deal will give Shyne a nice payday, as it is worth a purported $3 million dollars.
The signing would be a coup for Def Jam, who recently lost their CEO and Chairman Lyor Cohen to Warner Music.
Def Jam President Kevin Liles was responsible for signing the rapper and visited him several times during his incarceration and as recently as last week accompanied by Def Jam founder Russell Simmons.
Liles resigned as President of the record label when contract negotiations with parent label Universal fell through.
He recently renegotiated and retained his title as President. The signing would also be a plus for Antonio “L.A.” Reid, who is known for his keen ability to spot talent.
The first record released under the deal will consist mainly of material Shyne recorded before his incarceration.
Shyne’s self-titled debut album has moved over 900,000 units to date. The new album may drop as early as October.
Both Liles and Simmons did not comment, but Simmons said Def Jam will hold a press conference in the near future to announce more details.