The Def Jam honcho is minutes away from selling his rap empire to Universal Music Group for around $100 million, company sources tell us.

Simmons and Universal Music chief Doug Morris put the final strokes yesterday on the deal for the label behind hot artists Foxy Brown, DMX and Jay-Z.

The price tag is $20 million less than Simmons reportedly wanted. But it's still better than the $90 million Universal boss Edgar Bronfman initially offered, sources say.

Before the deal, Universal owned 60% of the hot label, which last year posted a record $40 million in profits.

Simmons is expected to keep his title as Def Jam chairman. Def Jam chief exec Lyor Cohen is due to be named president of Universal's Island/Def Jam Music Group.

-- Midknight - 2/26/99