Word on la calle is that Island Records honcho LA Reid and singer/songwriter/label exec The Dream are out at Def Jam.

I heard this rumor over the weekend, and after stifling a yawn I moved on with my life. Who really cares? Isn’t this the 200th time we’ve heard this rumor? I’m beginning to think Reid himself is putting out these rumors to keep his name on everyone’s lips.

Anyway, my nephew Sam over at ThatGrapeJuice says the rumors are not true:

Reports have been swirling today that Island Def Jam CEO, Antonio ‘L.A.’ Reid, had been fired from his post by the heads of the Universal Music Group. However, XXL magazine has received word from an official representative of the label who confirms that the rumours “are completely untrue and without merit”.

Reid, who became the head of IDJ in 2004, is credited for signing Mariah Carey, Young Jeezy, Justin Bieber and OutKast to the label. However, the music mogul received severe criticism from industry pundits after the underwhelming performances of Rihanna and Carey’s most recent studio albums as well as for adding rapper Shyne and Jennifer Lopez to the label’s lineup.