FUBU AND UNIVERSAL RECORDS HOOK UP

FB Entertainment—you know them better as an affiliate of African-American-owned clothing company FUBU—has signed a joint venture with Universal Records. The two will share marketing, distribution, promotion and baggy pants for new imprint FUBU Records. The first release scheduled is a hip-hop/R&B compilation of yet-to-be-named artists. It will hit sometime next year—which we're already calling "The Y2G+1."

"This is a very significant deal and a wonderful opportunity for both our companies," said Universal Records President Monte Lipman. "The arrangement will allow Universal to tap into a number of non-traditional outlets, and provide us with a variety of cross-marketing opportunities. Our expertise can help FUBU firmly establish itself as a player in the music industry. The only downside is I have to toss out all of my Wu-Wear and Sean John gear."

FUBU stands for "for us, by us," which is similar to Lipman's motto, "it's all about me."

The record deal adds to FUBU's entertainment empire; it signed a film and TV deal with Artists Television Group earlier this year.