Def Jam Chairman and CEO L.A. Reid has just been fired from the label after six years. Word in the industry is that he received his pink slip yesterday.
Def Jam is keeping this a secret for now. I’m hearing that he was fired because he was investing millions or dollars in some artists projects and the label didn’t get the money back because of the poor sells. Also the higher execs wasn’t to pleased when L.A. Reid signed Shyne and J Lo to the label. According to reports, L.A. Reid signed Shyne for $3-$7 Millon dollars.
I will be posting on this story as it develops….
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