Since he left Def Jam last month, many have wondered just what Jay-Z would do next. Yesterday, it was rumored that he was in talks to start his own label at Warner Music Group, but today comes the announcement that the Jigga Man’s next step will be on Madison Avenue. Jay-Z is joining up with fellow African-American business man, Steve Stoute, to open an ad agency specializing in reaching consumers of color. The new agency, Translation Advertising, will be part of the larger Translation Consultation and Brand Imaging, which has a host of big, mainstream companies as customers.

Jay-Z isn’t the first black mogul to work the advertising angle; Spike Lee heads a boutique agency, and Damon Dash is also getting in on the game. With his new business, just where will Mr. Beyoncé find time to record that last album and the greatest hits CD he supposedly owes Def Jam?