REID OUT, COHEN ALONE ON PREXY THRONE

March 6, 2000

It's official: John Reid, one of the few former PolyGram executives to make it through the Universal-PolyGram merger, has resigned as Co-President of the Island Def Jam Music Group.

The announcement confirms a report published last week in HITS magazine, our fine and nearly infallible sister publication (which, in a revolutionary new process, is actually printed on paper). Sources confirmed that Reid will pursue other opportunities, possibly Internet-related, as HITS had speculated.

The Irish-born Reid, who had previously headed PolyGram's Canadian operation, took the helm at Island Def Jam following the December, 1998 merger.

With Reid's exit, Co-President Lyor Cohen will serve as sole President of the label group, reporting to Chairman Jim Caparro, sources also said. "Throughout his time with us, John has helped to create a thriving, cutting-edge music company," said Caparro, who told the departing Reid, "Don't let the door hit your ass on the way out, boyo."

Island Def Jam's upcoming releases include albums by Hanson, Tracy Bonham and Mighty Mighty Bosstones. Reid is reportedly working on technology that will allow Guinness to be poured through a modem.