Jay-Z and hip hop impresario Steve Stoute recently revealed that they will be launching an advertising agency called Translation Advertising via a venture with Interpublic Group (IGP) which will help companies reach out to multicultural consumers.

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 in October 2007 for $10-$15 million and as part of the agreement; he was to stay onboard at the helm.

According to The New York Times, Translation Advertising will be part of Translation Consultation and Brand Imaging.  Interpublic will own 49 percent of Translation Advertising and its majority stake will be owned by Stoute and Jay-Z, who will serve as co-chairmen.

“If we sit in a room and offer our ideas of how to reach consumers, how to speak to them — and this is not a cocky statement — put us up against anything, and we’ll win our fair share of battles,” Jay -Z told The Times.