According to published reports, Island Def Jam has acquired the remaining 50% stake in Roc-A-Fella Records for $10 million dollars.
The buyout gives Island Def Jam 100 % ownership of the hit making label, which helped power parent label Universal to a whopping 28 Grammy nominations – 10 of which came from Roc-A-Fella artist Kanye West, while Jay-Z notched three.
In 1997, Island Def Jam had already acquired a 50% stake in Roc-A-Fella Records for just $1.5 million dollars.
Roc-A-Fella executives renegotiated their deal several years ago and extended their contract with Island Def Jam for $20 million dollars, bringing the final selling price to just over $30 million dollars.
Roc-A-Fella, which boasts such quality artists as Beanie Sigel, Freeway, State Property, Peedi Crack, Noreaga, Nicole Wray, Memphis Bleek and others, will be folded into the Island Def Jam label.
Island Def Jam is negotiating with Jay-Z about taking over as president of the legendary label, while Dash is planning a new venture.
In related news, Jay-Z’s hot streak continues, despite going into “retirement” last November.
The rapper’s “Mash Up” album with Linkin Park, Collision Course, will land at the top of Billboard’s Top 200 Charts, giving Irish rockers U2 the boot from the #1 position.
Collision Course moved over 350,000 copies the first week in stores, moving U2’s How To Dismantle An Atomic Bomb to the #2 position, while Eminem’s latest effort Encore will drop to #3.
Source: All Hip Hop |
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