According to nytimes.com and mtv.com, Jay-Z, will be launching his own record label called StarRoc, named after his Roc the Mic recording studio in Manhattan. Here is how the NY Times is reporting it:

The new venture, called StarRoc, will be based at Jay-Z’s Roc the Mic recording studio in Manhattan and will develop new talent through “360 deals,” umbrella contracts covering various aspects of an artist’s output, according to representatives of both parties. StarRoc, which is also to include a music publishing entity, is a 50-50 partnership between the two members of Stargate — Tor Erik Hermansen and Mikkel S. Eriksen — and Roc Nation, Jay-Z’s entertainment start-up. Rock Nation is financed by the music giant Live Nation through a multiple-rights contract the company signed with Jay-Z this spring for a reported $150 million. Last year Jay-Z stepped down after three years as president of Def Jam Recordings, his longtime label, to which he owes one more album. Neither Jay-Z nor the members of Stargate were available for comment on Friday.