Posted by Dave
Rap News Network
4/15/2005 1:18:05 PM
Tags and topics realted to this article include Russell Simmons.
Hip-hop moguls Russell Simmons and Antonio "LA" Reid appear to have buried the hatchet.
Today Simmons revealed he has reached a joint venture record deal with Universal Music's Island Def Jam Records. The deal is a 50-50 joint venture. The first artist will be Reverend Run, the former Run DMC rap star who is Simmons' brother. The new label will be called The Russell Simmons Music Group. Close sources report that Tony Austin, a former Def Jam executive, will run the new venture
The deal marks the end of the long-running feud between Simmons, who headed Def Jam since 1985, and Reid, who took the helm of Island Def Jam last year.
Last year when Reid was appointed, Simmons wrote an open letter to the music industry disparaging Reid's hip-hop credentials and blasting his appointment as head of Def Jam. Prior to Def Jam, Reid made a name for himself in the more polished worlds of R&B and pop music as head of BMG's Arista Records.
In the letter, Simmons wrote: "My concerns . . . are about the future of Def Jam and the industry as a whole as to whether the legacy that Def Jam established will be maintained to the benefit of the artists and the culture."
Reid was appointed after the label's long time chief Lyor Cohen bolted to become head of Warner Music U.S. Shortly after, Def Jam President Kevin Liles, later joined Cohen at Warner, as did ex-Island Records President Julie Greenwald.
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