Meek Mill and Jay-Z and joining forces to launch a record label, Dream Chasers Records, intended to develop new talent. 

The deal was made official on Tuesday afternoon over a glass of champagne in Jay-Z’s Roc Nation Manhattan office. 

According to Variety, the Philadelphia rapper, born Robert Rihmeek Williams will be the official president of Dream Chasers Records, a joint venture with Roc Nation. The label is intended to handle its own operations, creative strategy and marketing among other operations. Williams also plans to open a recording studio for the artists. 

“With everything he’s done leading up to this point shows that he can carry that weight for the next generation of people,” Jay-Z said in a video the "1942 Flows" rapper shared on social media. 

Williams plans to continue to record for Rick Ross’ Maybach Music Group. The Philadelphia artist is going into the industry with valid credentials as three of his albums with the music group have gone platinum. 

“I’m 32 years old, I’m in a nice spot in the music business and I think it’s time for me to focus on growing artists because that’s what I love to do. I love to spend time on helping artists grow, and I think it’s time for me to dive in, business-wise,” Williams said in an interview with Rolling Stone. 

Dream Chasers Records has no artists signed yet and no tentative launch date. However, this project has been years in the making for Williams and Jay-Z, who continue to share music and ideas with one another. 

"We haven’t made it to this point just to be like, ‘Let’s just irresponsibly live our life.’ We had fun, don’t get me wrong. It’s fun too, but there’s a responsibility that we carry for the entire culture," Jay-Z said.

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