Yesterday the rumor mill was buzzing with news that highly regarded indie hip-hop label Definitive Jux was folding. Last night cofounder El-P released an official statement via the DJX, saying:

[W]e’ll still have our website, we will still sell our catalog, merch and more as well as bring you news and updates on all our projects and artists. We will be releasing “KING OF HEARTS”, a DEF JUX remix compilation, a 10 year anniversary retrospective and some other goodies. But then as a traditional record label DEF JUX will effectively be put on hiatus. We are not closing, but we are changing. The process is already underway[.]