sepia
12-09-2004, 10:05 AM
ABC News
The Associated Press
Dec 8, 2004
Jay-Z, who has declared himself retired from his rap career, now has a new job to occupy his time president and chief executive of the Def Jam record label.
The appointment, rumored for months, was finalized with an announcement on Wednesday by Antonio "L.A." Reid, the chairman of Island Def Jam Music Group.
Officials at the label declined to discuss terms of the agreement Wednesday. But a source familiar with the deal told The Associated Press the rapper signed a three-year contract valued at between $8 million to $10 million.
The ultimate value of the deal depends on whether the multi-platinum rapper can meet revenue and market share incentives, the source said on condition of anonymity.
Read More (http://abcnews.go.com/Entertainment/wireStory?id=313665)
The Associated Press
Dec 8, 2004
Jay-Z, who has declared himself retired from his rap career, now has a new job to occupy his time president and chief executive of the Def Jam record label.
The appointment, rumored for months, was finalized with an announcement on Wednesday by Antonio "L.A." Reid, the chairman of Island Def Jam Music Group.
Officials at the label declined to discuss terms of the agreement Wednesday. But a source familiar with the deal told The Associated Press the rapper signed a three-year contract valued at between $8 million to $10 million.
The ultimate value of the deal depends on whether the multi-platinum rapper can meet revenue and market share incentives, the source said on condition of anonymity.
Read More (http://abcnews.go.com/Entertainment/wireStory?id=313665)