In what has been an interesting turn of events, Island Def Jam has purchased Roc-A-Fella Records from Damon Dash, Kareem Biggs and Jay-Z for $10 million dollars. The buyout gives Island Def Jam 100 % ownership of the hit making label. In 1997, Island Def Jam had already acquired a 50% stake in Roc-A-Fella Records for just a measly $1.5 million dollars.
Roc-A-Fella executives renegotiated their deal several years ago and extended their contract with Island Def Jam for $20 million dollars, bringing the final selling price to just over $30 million dollars.
Roc-A-Fella, which is home to artists such as Beanie Sigel, Freeway, State Property, Peedi Crack, Noreaga, Nicole Wray, Memphis Bleek and others, will be folded into the Island Def Jam label. This has been the turn of events that would lead to the appointing of Jay-Z to president of Def Jam. No word as of yet where this will leave Damon Dash and Kareem Biggs.