To respond to TheWrap's story that Island Def Jam is suffering and 50 Cent's claim that the label is "$80 million dollars in the hole," the chairman and CEO Barry Weiss spoke with Global Grind to defend his label.

"I don't know what the f--k they're talking about. 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," Weiss says.

"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."

Sound off: do you think the power house that Russell Simmons and Rick Rubin built is in trouble?

(Photo: Complex Magazine)