ROADRUNNER, IDJ MAKE IT OFFICIAL

Companies Sign Joint Venture While Wearing Spooky Masks
Making official what we had reported in both story (hitsdailydouble.com, 7/16) and cartoon (click on the "cartoon" link above) form already, the Island Def Jam Music Group and Roadrunner Records announced today they had inked a joint venture agreement. The news was broken by IDJ Chairman Jim Caparro, IDJ President Lyor Cohen and Roadrunner Founder Cees Wessels.

"Cees and his team have built one of the most creative and successful independent labels in the market," Caparro said. "As we move forward in building our new company, we will maintain the same spirit that made Island and Def Jam such successful independents. In many respects, Cees has built Roadrunner much the same way, so the fit between both companies could not be better."

"Cees has it going on like Def Jam had it going on. He's a brandbuilder," said Cohen. "He knows his customer better than anyone in the market, and has a long-term, loyal team of executives working with him. This is a dream come true for me."

"Lyor and I tried to do this deal eight years ago with Def Jam," added Wessels. "And I am pleased it is finally happening. In searching for the right partner for Roadrunner, I knew that I didn't want to be a part of a company that was already set in its ways. The immediate vibe I got from Jim and Lyor was that they are determined to continue building a great company, and this agreement will allow us to take Roadrunner to the next level, while preserving the integrity and credibility of our artists."

Initial releases under this venture will include "Iowa" (due late August), the follow-up to Slipknot's self-titled Platinum debut, as well as "Silver Side Up," the new record from Nickelback, due in September.

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