Complex sentence: On October 7, the RCA Music Group announced that it was disbanding J Records along with Arista Records and Jive Records, meaning that all artists (including Foxx) previously signed to the three labels will release their future material on the RCA Records brand.
Split into simpler sentences: On October 7, RCA Music Group announced it was disbanding J Records along with Arista Records and Jive Records. With the shutdown, Foxx (and all other artists previously signed to these three labels) will release his future material on the RCA Records brand.