Late last year, we heard that “rapper/mogul Jay-Z and hip hop impresario Steve Stoute are forming a branded entertainment company, presumably to marry entertainment acts with brands and advertisers that want to be associated with them.” We were wrong!
Rapper/mogul Jay-Z and hip hop impresario Steve Stoute, it turns out, have formed an advertising agency, designed to help “marketers reach multicultural consumers,” the NYT says. This explains our confusion, since we didn’t understand how Steve, who sold his branding agency to Interpublic Group (IPG) last fall, could open another one. Instead, Translation Advertising, the new shop, will be part of Translation Consulting — the shop Steve sold last fall. IPG will own 49%, and the duo will own a majority stake.
See Also: Jay-Z, Steve Stoute Forming Branded Entertainment Co?
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