AceShowbiz -

Jay-Z has announced that he indeed has a side project of creating a recording company with Norwegian producers StarGate. Both parties issue a statement, saying, "the focus is to find new talent and develop artists through mutually beneficial global partnerships which include music distribution, publishing, touring and merchandising."

Furthermore, speaking of the new label, which is called StarRoc Music Publishing, a source reveals that the rapper wants to sign Janet Jackson, 50 Cent, Beyonce Knowles, and Jermaine Dupri to his new recording company. "Jay Z approached 50 Cent earlier this year and now he's talking to Janet and Jermaine Dupri... It seems like a difficult task to get so many big artists under one roof, but I wouldn't put anything past [Jay Z]," the source says.

The new label is also reportedly linked to a multi-million dollar contract with concert promoters Live Nation. If the rumor is true, the new division from the company, which is based in the Big Apple, will have access to manage their artists' diverse rights, such as expanding their fan bases and providing a direct connection to fans through Live Nation's established distribution as well as marketing channels.