Jay-Z launchs new record label

Jay-Z has launched a new record label.

The '99 Problems' rapper has set up Star Roc, a 50/50 partnership between his company Roc Nation and Norwegian songwriting and production duo Stargate.

The label will be based at the hip-hop star's Rock The Mic studio in New York.

Artists on the label will be developed via a 360 deal, similar to the one Jay signed earlier this year with Live Nation, where the label will receive a portion of everything from album sales to merchandise from their signings.

The venture will also have a music publishing division.

Stargate have previously worked with Jay-Z's wife Beyonce Knowles and 'Umbrella' singer Rihanna.

Jay-Z is currently gearing up to release 'The Blueprint 3', his 11th and final album for his current label Island/ Def Jam, who he stepped down as president of last December.

Earlier this year, the rapper signed a reputed $150 million deal with Live Nation.

Jay-Z - who joins Madonna and U2 at the company - secured financing for Roc Nation, while Live Nation acquired the rights to his recordings, merchandise and tours for the next 10 years. The deal also reportedly included financing for a label, music publishing, talent consultations and management services.