Jay-Z and his Roc Nation music label have reportedly inked a deal with Universal Music Group in a multi-year, worldwide partnership under which Roc Nation will operate as a standalone label within the UMG family, effective immediately.

Jay-Z said in a statement (via Reuters):

“We are looking forward to working with Lucian Grainge (Chairman and CEO of UMG) and the incredible team he’s  assembled at Universal. We would like to applaud Lucian for collaborating with us to strike a new age deal. This agreement presents a unique opportunity for  Roc Nation’s artists-being able to continue to operate as an independent label  with the strength, power and reach of the best major. I look forward to a long  and prosperous collaboration with UMG. It feels good to be home.”

The news of the deal between UMG and Roc Nation comes days after Jay-Z’s announcement that he formed a sports management company (with Robinson Cano of the NY Yankees as its first signee), and just weeks after he signed a new publishing deal with Warner/Chappell Music.

Jay-Z has also announced that he is launching the second annual Made in America Festival in Philadelphia, which will take place on Labor Day Weekend — Aug. 31st and Sept. 1. The line-up for this year’s show, again sponsored by Budweiser, will be revealed on Wednesday via Spotify.