LA Reid talks with Def Jam!

NEW YORK (All Hip Hop) - Universal Music and Antonio "LA" Reid have agreed in principle to a deal that will make Reid the head of Island Def Jam. The deal is expected to be signed next week, sources say. The pact under negotiation is a three-year, multi-million dollar deal for Reid to become chairman and CEO of Island Def Jam, a unit of Universal and the music industry's largest hip-hop label.
The job at the helm of IDJ became vacant last week when Lyor Cohen agreed to become chairman and CEO of Warner Music's recorded music unit.

Warner Music was sold to a private equity group headed by Edgar Bronfman, Jr. for $2.6 billion and the sale is expected to close in the coming weeks.
Reid had also been in negotiations with Bronfman, sources say. Reid was recently let go by Arista Records, a unit of BMG, which he ran for almost four years. Reid built his reputation as a prodigious producer of hit records from the likes of Pink and Avril Lavigne, but was ultimately terminated by BMG after Arista lost some $110 million last year.
Under Reid, Arista racked up 31 Grammy nominations in 2003, the most of any label. The awards ceremony is Feb. 8 in Los Angeles.

Island Def Jam boasts such hip-hop artists as Jay-Z, Ja Rule, DMX, Ashanti, and rock acts like the Red Hot Chili Peppers and Bon Jovi.
The music industry, which has been in turmoil in recent years due to rampant piracy, is undergoing a restructuring that has resulted in several management and ownership changes.
In addition to the sale of Warner Music by Time Warner to the Bronfman group, Sony Music and BMG have proposed to merge. That deal is currently pending in front of regulators both in the United States and Europe.