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Photo by Kyle Gustafson

Jay-Z may have given up the Def Jam presidency, but his tendency for corporate dabbling remains intact. His newest venture, according to a report from The New York Times, is a joint one with entrepreneur Steve Stoute. Together, the pair is launching the NYC-based Translation Advertising.

A division of Translation Consultation and Brand Imaging, Translation Advertising's goal is to "help marketers reach multicultural consumers," according to the Times. The company will announce its first clients soon.

As co-chairmen of Translation Advertising, Jay and Stoute will own 51% of the company. The other 49% will be the property of Interpublic, the agency company to which Stoute sold Translation Consultation last year for an estimated $10-15 million, according to the Times.

Stoute told the Times that Jay will not be involved in "day-to-day operations" as much as he will "use his eye, his taste, his understanding of the culture" to help guide the company. "He left his day job at Def Jam; he has to do something," Stoute said.

Among the other things he's doing to keep himself busy: touring. Jay has already added more dates to his previously reported "Heart of the City" co-headlining jaunt with Mary J. Blige, which kicks off March 22 in Miami.

Jay-Z:

03-22 Miami, FL - American Airlines Arena *
03-26 Baltimore, MD - 1st Mariner Arena *
03-27 Uniondale, NY - Nassau Veterans Memorial Coliseum *
03-28 East Rutherford, NJ - Izod Center *
03-30 Philadelphia, PA - Wachovia Center *
04-02 Toronto, Ontario - Air Canada Centre *
04-03 Boston, MA - TD Banknorth Garden *
04-05 Greensboro, NC - Greensboro Coliseum *
04-06 Washington, DC - Verizon Center *
04-08 Atlanta, GA - Philips Arena *
04-09 New Orleans, LA - New Orleans Arena *
04-10 Houston, TX - Toyota Center *
04-12 Dallas, TX - Superpages.com Center *
04-15 Anaheim, CA - Honda Center *
04-17 Los Angeles, CA - Hollywood Bowl *
04-19 Las Vegas, NV - MGM Grand Garden Arena *
04-20 Oakland, CA - Oracle Arena *
06-27-29 Glastonbury, England - Glastonbury Festival

* with Mary J. Blige