Jay-Z and marketing executive Steve Stoute have teamed up to launch a new ad agency called Translation Advertising. According to a report in the New York Times, the agency will operate as part of Translation Consultation and Brand Imaging, which Stoute founded and continues to head after selling to the Interpublic Group last October. Interpublic, which is the industry’s third largest ad agency group will own 49% of Translation Advertising while Stoute and Jay will retain the majority stake and serve as chairmen. The new company will help clients reach the young, multicultural consumers that have long eluded major corporations looking to cash in on the estimated $2 trillion that this demographic spends each year. While Interpublic currently owns stakes in several agencies that market to the Hispanic and Asian-American consumer, they are underrepresented in the African-American market. Jay feels that with his intimate knowledge of the culture these advertisers are trying to reach, he can help companies communicate on a more genuine level. “If we sit in a room,” Hov explained to the Times, “and offer our ideas of how to reach consumers, how to speak to them—and this is not a cocky statement—put us up against anything, and we’ll win our fair share of battles.” He explained that his role at Translation will include providing input on creative and entrepreneurial ideas rather than the day-to-day operations. Stoute already has a proven track record in the marketing arena, with a client list that includes General Motors, Hewlett-Packard, McDonald’s and Reebok. Translation is expected to announce its first clients sometime in the near future.