Cash Money, Chase Announce Partnership for Austin Mahone Release

Austin Mahone attends the 2013 MTV Video Music Awards at the Barclays Center on August 25, 2013 in Brooklyn, NY

Rick Diamond/Getty Images for MTV

Austin Mahone is getting a boost for his debut album when it drops next month, as his current label, Chase Records, has announced a partnership with Cash Money Records to release Mahone's album.

The Universal Republic-affiliated Cash Money has entered into a "multi-million dollar" partnership with fellow Universal affiliate Chase for Mahone's "Junior Year," which is scheduled for an Oct. 8 release.

The deal with Mahone is assumed to be the first of a series of partnerships between the labels that will continue to publicize new talent within the industry.

"We've been colleagues with the Chase team for a while," Ronald "Slim" Williams, Cash Money co-founder and co-CEO, said of the Mahone deal. "As we continue our expansion, Chase Records is the perfect partner for Cash Money as we're both striving for excellence and now we're going to make history together."

"We were extremely impressed by everything Chase Records has done with Austin," Bryan "Baby" Williams, a.k.a. the rapper Birdman, added. "We bonded over a similar mindset, and it made sense on every level to team up. I can’t wait to see what we collectively accomplish."

The team at Chase -- Michael Blumstein, Rocco Valdes and David Abram -- also released a statement on the partnership. "Cash Money's support will be integral to the next phase of Chase Records and their artist development," the group said collectively. "It’s amazing to join forces with one of music’s most respected and revered entities. It’s clear to us that our label and our artists are a priority at Universal with both Cash Money and Republic Records behind us.

The 17-year-old Mahone's career has been on the rise as of late. The Texas singer opened for Taylor Swift on select dates of her "Red" tour and was recently given the title of "Artist to Watch" at the MTV Video Music Awards, also performing on the pre-show telecast. His single "What About Love" has peaked at No. 66 on the Hot 100 and at No. 18 on the Pop Songs chart.