Reports have surfaced that Jay-Z and Steve Stoute are teaming up to create a branding entertainment company.
AlleyInsider.com revealed yesterday (December 12th, 2007) that Jay-Z and Stoute's company would specialize in helping various brands attach themselves to entertainers to endorse their products.
Stoute is well known in the rap industry for managing Nas earlier in his career and scoring Jay-Z's deal with Reebok via his company Translation Consultation & Brand Imaging.
Stoute sold Translation Consultation & Brand Imaging to Interpublic Group (IGP) in October for $10-$15 million and as part of the agreement, he was to stay onboard at the helm.
A report by Adversting Age today (December 13th, 2007) claims that a spokeswoman for Jay-Z at Universal Music revealed to them that "nothing is finalized" while Stoute's camp has denied the report.
It is still unknown is Stoute will leave Translation if his company with Jay-Z materializes.
Jay-Z has been making headlines this year with his business moves.
Yesterday (December 12th, 2007), reports surfaced that Brooklyn bred rapper has invested in a real estate development venture called J Hotels which recently acquired a $66 million mid-block parcel in Chelsea, New York.
Earlier this year, Hov sold his Rocawear clothing line to the Iconix Brand Group Inc for $204 million in cash, formed a partnership with Coca-Cola and General Motors, and acquired the Artful Dodger clothing line for $15 million in cash.
The Brooklyn bred rapper, who also serves as Def Jam's president, will also be opening his 40/40 franchise in Las Vegas on December 30th.