L.A. Reid UPDATE

NEW WATERFALLS TO CONQUER, UPDATE: Epic chief L.A. Reid has some big news with a nostalgic tinge. He's reacquired the rights to the LaFace name (the moniker of the hitmaking label he co-founded with Babyface), and has reunited with the company's breakthrough act, TLC. Reid was apparently so blown away by the forthcoming VH1 feature on the group, CrazySexyCool: The TLC Story, that he decided to forge a new deal with surviving members T-Boz and Chilli. A greatest-hits album is slated for a 10/15 release, with four new songs, including the Ne-Yo-penned "Meant to Be," which will be heard over the film's closing credits, and "Posh Life," a collaboration with Dallas Austin and Lady Gaga. T-Boz and Chilli will be joined by Lil Mama, who plays the late Lisa "Left Eye" Lopes in the film, for a set at VH1's Mixtape Festival in Hershey, Pennsylvania on 7/27. TLC, btw, can currently be heard on J.Cole's single "Crooked Smile." (7/25p)