Def Jam CEO Denies 50 Cent's "Def Jam Is Broke" Rumor

Def Jam Rep Responds To 50 Cent's "Def Jam Is Broke" Comment

Earlier this month, 50 Cent threw Def Jam under the bus when he joked the label was "80 million in the hole" and unable to sign G-Unit artist Lloyd Banks to a deal.

Barry Weiss, the Chairman/CEO of Island Def Jam and Universal Motown Republic, spoke with Global Grind to put an end to rumors that Def Jam is operating in the red.

"I don't know what the f*ck they're talking about," Weiss said to Global Grind.

"Def Jam is not broke, it's on fire!!

"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.

"Jeezy got an album coming out and his show last night in NYC has the whole industry excited.

"Rihanna just ended her amazing tour of her amazing album. Frank Ocean is on the verge of super stardom.

"Rick Ross and so many other great artists are part of our incredible roster.

"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."

Weiss didn't mention Justin Bieber, but he's on Island Def Jam, and he's having a pretty good year too, right?

Judging by Weiss' statement, things seem to be just fine at Island Def Jam.

On the other hand, reports this week stating that 50 Cent canceled the release of his next album, show that things over at 50's own label home, Interscope, might not be all together.