Hip-hop mogul Shawn "Jay-Z" Carter has revealed the plans of his new position Wednesday after months of speculation.
Jay-Z, 38, was officially named the chairman of New York-based Translation Advertising last week. Translation Advertising, a joint venture between Carter and fellow entrepreneur Steve Stoute, will help marketers reach multicultural consumers.
"The title of the company says it all...Translation," said Jay-Z in an interview with AllHipHop.com. "It's a way to talk to Corporate America and have them understand our voice."
The new agency will be part of Translation Consultation and Brand Imaging, which has worked for mainstream advertisers like General Motors, Hewlett-Packard, McDonald’s and Reebok.
Translation Advertising expects to announce its first clients soon, said Stoute, 37, in a New York Times interview, who sold Translation Consultation last October for an estimated $10 million to $15 million to the Interpublic Group of Companies in New York.
Interpublic is the world's the third-largest agency company, behind the Omnicom Group and the WPP Group. Interpublic owns 49% of Translation Advertising, with the remaining 51% majority stake is owned by Stoute and Jay-Z, who are the co-chairmen.
His contract as President and CEO of Def Jam Recordings expired in December and he vacated the office on Jan. 1.
After announcing his decision not to renew his three-year contract, rumors swirled that he would join Rick Rubin at Sony or start a record label with Apple.
Jay-Z is the majority owner of Roc-A-Fella Records, 40/40 Club, and Rocawear clothing. He is a minority owner of the NBA's New Jersey Nets.
Jay-Z is also co-headlining the blockbuster "Heart of the City" tour with Mary J. Blige. The tour will start at American Airlines Arena in Miami on March 22.
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