Jay-Z and entrepreneur Steve Stoute have partnered to launch Translation Advertising. The company aims to aid mainstream marketers in reaching multicultural consumers and will be a part of Translation Consultation and Brand Imaging which works with General Motors, Hewlett-Packard and McDonald's among others.

Stoute sold his Translation Consultation company last October to Interpublic Group of Companies for an estimated $10-15 million. Interpublic is the third largest agency company in the world, behind Omnicom Group and WPP Group. According to the New York Times, Interpublic owns 49 percent of Translation Advertising while co-chairman Jay-Z and Stoute will own the majority of the shares.

As co-chairman, Jay-Z will contribute creative and entrepreneurial ideas while Stoute leads the agency's nuts and bolts. Both men agreed that their company is necessary because relevant ads still need to be made that properly appeal to the multi-cultural market.