Russell Simmons has renewed his relationship with the
The new label is a 50/50 joint venture with the
The hip-hop mogul will also serve as a consultant to IDJ under the deal.
The move surprised some observers who had expected Simmons – whose contract as Def Jam chairman expired more than a year ago – to follow Lyor Cohen and other former IDJ execs to
Simmons founded Def Jam in 1984 with Rick Rubin but sold it to UMG in 1999. He has focused mainly on non-music ventures since then, including