The hip-hop star has signed a $4 million (GBP2.8 million) joint deal with bosses at Stampede Management and distributor BMG to create the Neon Nation Corporation, which will develop movie and music projects.

"I'm... excited to announce my new $4,000,000 Neon Nation Corporation, which is more than just a record label," a press release obtained by Billboard.com reads. "We'll be investing in movies and talent across the globe to build an entertainment empire not just in music. Teaming up with Stampede and BMG is just the first step to get started."

The 34-year-old will serve as a music executive for the company and he will use his social media talents to help build an online presence for the company.