Russell Simmons and Island Def Jam have entered into a 50/50 joint-venture label deal to be called the Russell Simmons Music Group, it was announced today by IDJ Chairman Antonio “L.A.” Reid.

The deal calls for Simmons, co-founder of the original Def Jam Records 20 years ago, to head up the new label and also serve as a consultant to IDJ. Simmons has named Tony Austin, a Def Jam A&R executive and founder of King Shah Productions and Chocolate City Music, President of the label.

RSMG’s first two albums, due later this year, will be from Reverend Run (Simmons’ brother Joseph Simmons—one half of seminal hip-hop duo Run-DMC), and three-sister R&B group Buddafly.

Said Reid of the announcement, “Russell Simmons is one of the guiding spirits and musical godfathers of hip-hop in America and around the world. He is a forward-thinking innovator with a profound awareness of every nuance that the movement is going through. It has always been my intention to structure a situation that would keep Russell in the Island Def Jam family, and I am proud that we will be able to continue to accomplish our goals together.”

Explained Simmons, “The reason I'm back in the music business is because I'm inspired by the wonderful opportunity to work again directly with L.A. Reid, Jay-Z and Reverend Run. The opportunity to develop, help and protect young artists as they seek out their own truth deep inside of them and to express that truth to a world that's thirsty for the genius of hip-hop and pop culture, is a blessing of a lifetime. I'm also inspired by Tony Austin, my partner and the president of RSMG, in whom I believe I've found a musical genius. Reverend Run's and Buddafly's presence on RSMG demonstrates our commitment to cultural diversity and integrity.”

Added Def Jam President/CEO Shawn “Jay-Z” Carter, “History has yet to catch up with the greatness of Russell Simmons and the extent of his contributions to our music and culture. It is impossible to imagine the state of hip-hop today without accounting for Russell’s visionary leadership over the past 20 years.”

“This is a dream come true to partner with a man like Russell Simmons and I am humbly honored,” said Austin. "The energy he has is amazing and he is an inspiration to be around. The resources and support systems we have access to are incredible and I believe it will afford us a real edge in doing business. I am very excited about the road ahead, very passionate about the artists and the music we are working with and look forward to coming to work each day and making things happen.”

RSMG’s stated mission is to seek out “new and exciting talent in rap, rock and pop music wherever it resides” and “to protect the integrity of its artists and dedicate itself to helping its artists find their inner voice.”