Adam Yauch Of The Beastie Boys Dies At 47

Adam Yauch, the gravelly voiced Beastie Boys rapper has died. He was 47. Yauch's representatives confirmed that the rapper died Friday morning in New York after a nearly three-year battle with cancer.

JAY-Z TO STEP DOWN AS DEF JAM PRESIDENT

As first tipped on ALL ACCESS, SHAWN "JAY-Z" CARTER has announced that he'll step down as President of the UNIVERSAL MUSIC GROUP's DEF JAM label after his contract expires, at the end of the year, AP, REUTERS and many other sources report.

Don't, however, bet on JAY-Z staying out of the business side of the music industry for long.

His exit from DEF JAM has been rumored for months. writes THE LOS ANGELES TIMES. Many have predicted he would join RICK RUBIN at COLUMBIA RECORDS. Said JAY-Z, "It's really about trying to invest in the future, trying to invest in maybe coming up with a new model. Because going in hard making records with artists and throwing those records into a system that's flawed is not exciting for me. It's not the music; people ingest music the same way. It's just that the model of selling CDs has changed. So doing things the typical way is not in the best interests of anyone and not exciting for me. My whole thing is, how do we invest in the future? If everyone is committed to doing that, then I'm sure there's a deal to be made."

ISLAND DEF JAM MUSIC GROUP Chairman & CEO ANTONIO "L.A." REID, expressed regrets about JAY-Z's decision: "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity."

JAY-Z commented, "Now it's time for me to take on new challenges. I am pleased to have had the opportunity to build upon the DEF JAM legacy." No reason was given for the decision, but JAY-Z will continue to record for his ROC-A-FELLA/DEF JAM label.

DEF JAM DENIES 'N-WORD' FOR NAS ALBUM

A source close to Island Def Jam Group chairman Antonio "L.A." Reid is now claiming that the new album from Nas will not be called the N-word as the rapper had announced during a concert Friday night in New York.

"There is no album release by Nas on the release schedule at this point," the source told FOX News. "And they would be unlikely to release an album with that title. How would that look at Wal-Mart?"

Before anyone from Def Jam could even address Nas' statement, Rev. Jesse Jackson and the NAACP had already issued comments condemning the artist for the announced title.

"The title using the 'N' word is morally offensive and socially distasteful," Jackson said in a statement. "Nas has the right to degrade and denigrate in the name of free speech, but there is no honor in it. Radio and television stations have no obligation to play it and self-respecting people have no obligation to buy it."

"I wish he would use his talents to lift up and inspire, not degrade, making mockery of racism," he added.

"We will not support and we will not continually be assailed by other individuals who want to use that type of term in our presence" said national NAACP spokesman Richard McIntire, according to Fox News. "This has gone on long enough."