The label will be based at the rapper’s recording studio in New York, Rock The Mic, and will be a 50/50 partnership between Rock Nation (Jay-Z’s company) and Stargate, according to MTV News.

Talent on the label will be developed via a 360 deal, similar to the oneJay signed earlier this year with Live Nation. The label will receive a portion of everything from album sales to merchandise from the artists on their roster.

Jay-Z has previous experience as the head of a record label, stepping down from his position as president of his current label Island/Def Jam in December of 2007.

(by Victoria Tsigonis)