50 Cent was asked about Lloyd Banks signing with Def Jam back in July, but quickly dispelled rumors, stating,"that system is not in a good space right now. They're like $80 million in the hole...Don't tell them I told you."
Media outlets like The Wrap also highlighted problems within the financial structure of the record label, to which Island Def Jam CEO Barry Weiss vehemently denied.
"I don't know what the f*ck they're talking about. Def Jam is not broke, it's on fire! Weiss added, "We just did a deal with Kanye's G.O.O.D. Music and Big Sean's album is a great success and will continue to garner a lot of attention. Kanye and Jay-Z's Watch The Throne has the whole world buzzing. Of course we are looking to maximize our potential and are in search of additional African-American leadership to take us to the next level. But, let me be clear, Def Jam is on fire."
Despite being "on fire" Weiss and Def Jam let go of 20 employees, along with industry executives Jonathan McHugh and Chris Hicks. The label also consolidated the A&R consultant for both Island Def Jam and Universal Republic into one job held by Brandon Creed.
