Wednesday morning (July 24), Meek Mill and Roc Nation announced the launch of Dream Chasers Records. The new label is a joint venture label from the Philly rep and the JAY-Z led label.

The signing of the deal occurred on Tuesday at the Roc Nation headquarters in New York City, sealing the occasion with Armand de Brignac champagne.

The “Championships” rapper will serve as the President and will have a staff that will bring new talent to develop, marketing, legal and more.

“Creating a record label has always been the next step in my journey as a businessman and I appreciate Roc Nation and JAY-Z’s support on this new venture,” Mill said in a statement. “I want to take my experiences in the music industry, use them to find young, hungry talent and open doors for the next generation of artists.”

“His integrity, his honesty, his sense of responsibility,” JAY-Z said about Meek according to Billboard. “Everything that he’s done leading up to this point, it showed that he can carry that weight for the next generation of people. Everybody can sign some artists, make some money and brag about how hot they are for … (but) for us, we look at the big picture. For us, it’s way beyond signing hot artists and having a hot record.”

The two are also in partnership for the Reform Alliance. Meek will head out on the road for his The Legendary Nights Tour with Future, Megan thee Stallion, YG and Mustard.