Jay-Z Stepping Down As Def Jam President

Reuters reports Universal Music Group said on Monday that is stepping down as president of its Def Jam Records unit, effective by the end of the year. “Now it’s time for me to take on new challenges,” the 38-year-old said in a statement. “I am pleased to have had the opportunity to build upon the Def Jam legacy.” A source tells Reuters that Shawn Carter will now focus on his expanding franchise of 40/40 Nightclubs over the next year and other businesses.

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