Universal Music Group has completed the process of assembling the record industry's| largest music conglomerate by finally closing their deal to buy Def Jam Records.
Def Jam had been holding out, demanding the hefty sum of $100 million for the remaining forty percent of the company they didn't already own, which is a great deal higher than the $33 million Polygram (now owned by UMG) paid for the original sixty percent in 1993.
Russell "Rush" Simmons is expected to stay on as Def Jam's chairman, with his CEO, Lyor Cohen, running Universal's urban music dept. As a show of just how important an acquisition this is to UMG, it's been decided that Universal's recently merged Island-Mercury group will now be known as the Island-Def Jam group.
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