Rumors have been spreading all day on the Internet that Island Def Jam CEO, Antonio “L.A.” Reid, has been fired from his position at the historic label. spoke to a rep for parent company Universal Music Group, who says the gossip is false.

“[The rumors] are completely untrue and without merit,” the spokesman told XXL this afternoon over the phone.

Reid was appointed to the coveted role at Def Jam back in February of 2004, succeeding longtime label head Lyor Cohen. The record exec is responsible for signing such big name hip-hop acts as Young Jeezy, Rick Ross and most recently Shyne. —Elan Mancini