Russell Simmons Starts New Record Company

Simmons, whose business interests range from fashion to music to film, has reached a joint venture record deal with Universal Music's Island Def Jam Records. The new label will be called The Russell Simmons Music Group.

The Russell Simmons Music Group will be a 50-50 joint venture with Island Def Jam and the first artist will be Reverend Run, Simmons younger brother and former RUNDMC member.

The deal seems to mark the end of Russells missgivings about L.A. Reids ability to head Island Def Jam Records. Reid who took the helm of Island Def Jam last year, came from a R&B/POP background as the former head of BMG's Arista Records. Simmons was "concerned about the future of Def Jam and the hip hop industry as a whole as to whether the legacy that Def Jam established will be maintained to the benefit of the artists and the culture" under Reid.

In December Reid hired Jay Z as the new head of Def Jam Records after Universal bought out the remaining 50% of Roc-A-Fella Records which was owned by Jay Z and Damon Dash.