December 9, 2004: Jay-Z To Head Def Jam Records, Will Sign Foxy Brown The Universal Music Group announced yesterday that it has appointed Jay-Z president of the Def Jam Records label. The three-year deal, valued at $8 million to $10 million, grants Jay-Z authority over everything from album production to marketing strategies, and includes provisions for Jay to sign artists to his own Def Jam-distributed imprint. During yesterday's press conference, Jay said that Foxy Brown would be the first artist signed to his new label, the New York Times reports. Foxy has been without a recording contract since her messy departure from Def Jam more than a year ago. It was also announced yesterday that Universal will buy out the remaining half of Jay-Z and Dame Dash's Roc-A-Fella Records for an estimated $10 million, bringing Kanye West and other artists completely under the Universal umbrella alongside Foxy Brown.