UPDATE 11/12/15: Representatives for PhilyMack reached out to Complex this morning to clarify the original TMZ report, and officially announce the new partnership between the firm and Roc Nation. Phil McIntyre will continue to own and run PhilyMack, as well as manage Jonas and Lovato going forward while they work with Roc Nation. Jay Z released a statement on the partnership, and said that he's excited for what's coming in the future between PhilyMack and Roc Nation. Hov's full statement can be read below.
"Phil has built an amazing company with Philymack. We sat down and dreamt about what the future could hold if we partnered. Our views aligned on nurturing, growth and allowing creatives to stay true to their voice. That dream we are living today and it's been amazing for all parties. We look forward to what tomorrow brings."
Jay Z is never not thinking about his next business move. According to TMZ, Hov was so interested in the potential of Nick Jonas and Demi Lovato that Roc Nation merged with their management company, PhilyMack, earlier this year. The deal was reportedly supposed to be announced months ago, but PhilyMack's previous owner, Phil McIntyre, and Hov decided to put it off due to the failures of Tidal.
The extent of Jay's handling of their careers is unknown right now, but he reportedly helped get Demi on SNL and Jonas a set during this year's "Made In America" Festival. Jonas also performed at Hov's Tidal 10/20 concert in Brooklyn back in October. At the moment, neither Jonas nor Lovato have been added to the artist list on the Roc Nation website, and it's unclear if they will be going forward. Jonas and Lovato are currently on a nationwide tour together, but Jay's involvement in that exact situation is unclear. Overall, it's just another win for Hov.