Meek Mill launches new record label with Jay-Z's Roc Nation

Meek Mill is in a Jay-Z state of mind: The Philadelphia rapper-turned-entrepreneur is launching a new record label in a joint venture with Jay-Z’s Roc Nation.

The two hip-hop players celebrated the launch of Dream Chasers Records on Tuesday at the Roc Nation headquarters in New York City, signing contracts at a small news conference and popping champagne to celebrate the partnership.

Mill will lead Dream Chasers as president.

Says Jay-Z, “Everything that he’s done leading up to this point, it showed that he can carry that weight for the next generation of people.”

Jay-Z said he and Mill musically and in other areas. They and others joined forces this year to form a coalition that lobbies for changes to state probation and parole laws called the Reform Alliance.