COMPANY TOWN ANNEX

PolyGram Buys Half of Rap Label Def Jam: The company paid $33 million for the 11-year-old label, which includes such rap acts as L.L. Cool J., Public Enemy and Warren G. The company’s catalogue includes the Beastie Boys and Public Enemy. PolyGram, controlled by Dutch electronics giant Philips, has distributed Def Jam records in the United States since June. The purchase is retroactive to June 1 of this year. Founder Russell Simmons will serve as chairman and chief executive, with Lyor Cohen as president and chief operating officer. Both have signed long-term contracts.