Multi-faceted rap mogul Jay-Z is about to add one more job title to his resume as he becomes co-chairman of a new business venture.

According to the New York Times, the ex-president of Def Jam, owner of the 40/40 sports bar franchise and soon-to-be hotel investor will join forces with fellow entrepreneur Steve Stoute to open Translation Advertising in New York, which will help marketers connect with multicultural consumers.

Jay-Z said the venture is "part of the natural growth" of his music career.

"As an artist, you make music," he said. "And if you see people who don't know how to market your music, you get involved in it."

The ad agency's parent company, Translation Consultation and Brand Imaging, has already worked for high-profile advertisers including General Motors, Hewlett-Packard, McDonald's and Reebok. Stoute sold Translation Consultation last fall for an estimated $10 million to $15 million.

"You know his story," said Stoute of his new business partner. "He came from nothing and turned it into something before our eyes."

And as Stoute said: "He left his day job at Def Jam; he has to do something."

In related news, Jigga is rumored to be starting his own label - "Carter Music Group" - with Lyor Cohen, the head of Warner Music Group. There has also been speculation about a possible deal with Apple Inc. in which Jay-Z would co-found a label with the tech giant.