Def Jam label head L.A. Reid is reportedly out of a job today after losing his position at Def Jam Records.
The music exec who recently signed Shyne to a million dollar deal with the company, has been ousted according to various published reports.
Reid not only lost his job however but his Def Jam cohort The Dream as well.
The music blogger reports that music conglomerate Vin Vendi is behind the let-gos linked to exuberant spending and poor record sales.
An official statement on the incidents is expected to be released.
1HIPHOPUCIT.com will keep you informed as this story develops.