The official word to end all speculation has finally come down - Shawn "Jay-Z" Carter is now the president and CEO of Def Jam Recordings.

The announcement was made today by Antonio "LA" Reid, Chairman of The Island Def Jam Music Group, to whom Jay-Z will report.

"After ten years of successfully running Roc-A-Fella," said Mr. Reid, "Shawn has proven himself to be an astute businessman, in addition to the brilliant artistic talent that the world sees and hears. We are fortunate that he has agreed to take over as president & CEO of Def Jam Recordings. I can think of no one more relevant and credible in the hip-hop community to build upon Def Jam's fantastic legacy and move the company into its next groundbreaking era."

Jay-Z, who will be known as Mr. Shawn Carter to his new employees, will take the helm on January 3, 2005 and will be based out of Def Jam's New York headquarters. Besides running Def Jam, Carter will also continue to run Roc-A-Fella Records, now 100% owned by Def Jam after a $10 million purchase this week.

"I have inherited two of the most important brands in hip-hop, Def Jam and Roc-A-Fella, said Mr. Carter. "LA Reid and the Universal Music Group have given me the opportunity to manage the companies I have contributed to my whole career. I feel this is a giant step for me and the entire artist community."

Shawn Carter will bring with him a wealth of business experience from both the artist and executive perspective. Jay-Z and his Roc-A-Fella artists have dominated the rap industry since 1995. Carter has also spawned a diverse portfolio of successful brands including the Rocawear clothing line, films (Fade to Black, Backstage, Streets Is Watching, State Property), a nightclub (40/40 Club) and a successful sneaker line (Reebok's S. Carter shoe collection). Moreover, Jay-Z has founded three philanthropic organizations, including The Shawn Carter Scholarship Fund, Team Roc, and the annual Jay-Z Santa Claus Toy Drive.

As head of Def Jam, Jay-Z will oversee the label's entire roster and imprint brands which include multiplatinum selling rapper Ja-Rule, Capone & Noreaga, LL Cool J, Ghostface, Shyne, Method Man and Joe Buddens.

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Just shy of a month since Ol' Dirty Bastard's death, the medical examiner's office is trying to figure out whether a white powdery substance found hidden in his body was the cause of his death. Meanwhile, his mother and former manager launch a new label with a posthumous album.

Autopsy toxicology results are yet to be finalized, but law enforcement sources in New York are speculating that a white powdery substance found hidden in his belly may have been drugs. The white powder was discovered in a doubled plastic bag hidden in his stomach cavity according to a report published by the NY Post. Apparently, the bag burst causing the powder to leak out a dosage that may have killed him

Russell "ODB" Jones died on November 13th - just two days shy of his 36th birthday - when he collapsed in a Manhattan studio and could not be revived. He is survived by numerous children and a wife, Icelene Jones, who was recently awarded custody of his estate.

Meanwhile, after losing a bitter dispute over his estate, his mother Cherry Jones and manager Jared Weisfeld have announced the launch of a new record label and a new ODB album. The label, JC Records (Jared Cherry Records), will release Osirus in January - a tribute to one of ODB's monikers. Another album featuring associates of ODB will be released in March.

"Dirty's legacy will continue though this album, his music, his DVD and his clothing line for all eternity," Weisfeld said in a statement.

ODB had just signed a record deal with Roc-A-Fella Records, now owned by Def Jam Records, and an album was in the works for release in 2005.

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Published reports today are confirming what has been speculated by industry insiders for months now - the Jay-Z and Damon Dash business relationship is now over signaling the end of the Roc-A-Fella Records rap empire.

Rap moguls Jay-Z and Damon Dash have put off speculation for months that their business relationship was tumultuous and that their label was on the selling block. However, sources close to the label today have confirmed that the pair have sold their stake in the successful Roc-A-Fella Records to Def Jam Records for a reported $10 million.

The label, which houses top-selling acts including Beanie Sigel, Cam'Ron and Kanye West, was partially owned by Def Jam, which bought into the then fledgling business venture for $1.5 million in 1997. Def Jam has purchased the balance of the 50% owned by Dash, Jay-Z and Kareem "Biggs" Burke and will fold the label under their umbrella.

Jay-Z will remain busy, though technically retired from rapping. Sean "Jay-Z" Carter has gone on record stating he is in negotiations with Def Jam for the head spot, but no official announcements have been made. Jay-Z has also been courted by longtime business partner and former Def Jam head, Lyor Cohen, to start a new label at Warner Music where he is now at the helm. Cohen has been quoted in the past for saying that Jay-Z, not Dame, is the fuel behind Roc-A-Fella and is said to have offered Jay-Z his own label in the past behind Dame's back. And SOHH.com has learned that a new album will be released in less than two years under the rap name, S. Carter.

Dash will reportedly continue in various other ventures including his movie production house, Dash Films and Roc-A-Wear Clothing. Dash is also reportedly in talks with Universal about launching another venture.

Despite the business breakup, the two have adamantly defend their friendship which started over 10 years ago when the Harlem-bred Dash hooked up with Brooklynite Jay-Z to conquer the rap world.

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Kanye West’s single “Jesus Walks,” previously on heavy radio rotation, has incited debate over the use of the word “Jesus” and the role of religion in secular music, a topic West addressed directly in a “60 Minutes” interview to air Wednesday (Dec. 8).

West, known for his upbeat rhymes, told “60 Minutes” correspondent Bob Simon that his fellow industry associates advised him about putting out the single “Jesus Walks,” which confronts the censorship of the word “Jesus” on radio stations.

The Chicago native compared the use of the word in the song to using the N word.

“People would be like, ‘Yo, it’s the best song I ever heard, but it’ll never make it on radio,’ and it frustrated me, so the second verse I wrote about how they say you can’t say Jesus on radio…The word Jesus was like saying [the n-word],” West said. “It’s gonna offend people for you to say Jesus.”

While some have criticized West’ use of the word “Jesus” along with curse words, West stated that the song targets a particular audience.

“The song is not for [evangelical listeners],” West responded to Simon’s comment that curses might detract religious crowds. “It’s speaking to the people that I think God is really trying to reach.”

The complete report will air on the CBS Wednesday (Dec. 8) at 8:00 p.m. E.T.

In related news, following a bunch of awards and honors this year, West leads Grammy Award contenders with 10 nominations, organizers announced today (Dec. 7). West’s debut album College Dropout has inhabited the tops of charts since its release.

“It's overwhelming,” said West. “ It's just been an amazing year for me, and I feel so blessed to have the opportunity to touch people with my music. To be honest, it's even a bit scary, all this love from the fans and my peers and the academy. I'm working on my new album right now, and I want it to be something that's just as special."

Five of West's nominations are in the rap category, including best rap album.

He also has two nominations in the best rap-sung collaboration class for his songs "Slow Jamz," featuring Twista and Jamie Foxx, and "All Falls Down," featuring Syleena Johnson.

R&B singers Alicia Keys and Usher, who have also had a stellar award year, notched eight nominations each.