The internet is buzzing today with rumors that Def Jam Chairman, [lastfm]L.A. Reid[/lastfm] has been fired.

Reid has been responsible for signing acts like[lastfm]Mariah Carey[/lastfm], [lastfm]Justin Bieber[/lastfm], [lastfm]Pink[/lastfm] and[lastfm]Outkast[/lastfm]. However, profits in the recording industry have been slipping, and his signing of rapper [lastfm]Shyne[/lastfm], to a seven figure deal might have done him in.

There are various reports that [lastfm]The-Dream[/lastfm] has been given his walking papers as well.

If the reports do to turn out to be true, look for Reid to bounce back in a major way with a deal somewhere else. His track record in the business for finding and nurturing talent has been superb.