JAY-Z TAPPED AS ISLAND DEF JAM PRES/CEO
As expected, Jay-Z has been named president and CEO of the Island Def Jam Island label by Antonio "L.A." Reid, with a compensation that could range from $10 million to $20 million depending on his performance, according to the NY Post.

Jay-Z was also reportedly being wooed by former IDJ head Lyor Cohen, who now runs Warner Music in the U.S., however Cohen's termination contract made it difficult for him to sign IDJ artists.

Jay-Z was given a three-year deal, and will continue to run Roc-A-Fella Records, the label he co-founded with Damon Dash. The new York Post previously reported that IDJ parent Universal Music bought out the remaining 50% of Roc-A-Fella it didn't already own. The newspaper also reported that as part of his deal, Jay-Zwill regain the rights to his own master recordings in five years.