New Chief In Charge

a three-year, multimillion-dollar deal was completed with Universal Music Group, making him the new chairman of Island Def Jam, a label that boasts such artists as Jay-Z, Ja Rule, and Ashanti. Reid would replace Lyor Cohen, who is Warner Music’s new chairman and CEO. Reid, who had about 17 months left on his contract, was unavailable for comment. — Carolyn M. Brown

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