Steve Stoute and Shawn “JAY-Z” Carter announced today that they will form a new advertising agency dedicated to reaching the multicultural consumer. The firm will be majority owned by Mr. Stoute, 37, and Mr. Carter, 38, with Interpublic Group (NYSE: IPG) holding a 49% stake in the new company. Stoute is the founder of Translation Consulting + Brand Imaging, a leading brand consultancy for the urban youth market which works with many of the world’s best-known brands. Shawn “JAY-Z” Carter is a recording artist, the former president and CEO of Def Jam Recordings and Roc-A-Fella Records and an owner of the New Jersey Nets. The agency, called Translation Advertising, will be headquartered in New York and will work with clients on a full range of advertising and marketing programs.
