Justin Timberlake [ tickets ] has announced plans to create his own record label with the help of Interscope Records, a rival to the singer's current home, Jive Records.

Timberlake will serve as chairman and CEO of the newly formed Tennman Records, according to a press release. The newly formed Los Angeles-based label, whose name is a nod to Timberlake's home state of Tennessee, will be a joint venture between the Grammy-winning singer and Interscope, according to Interscope chairman Jimmy Iovine.

"Whenever you have the opportunity to get into business with someone as gifted as Justin Timberlake, you take it," Iovine said in a statement. "We are thrilled to have his label as part of Interscope."

Ken Komisar has been appointed president of the new Tennman label, according to the release. Komisar was formerly vice president of A&R for Sony BMG, which is the parent company of Timberlake's current label, Jive Records.

Tennman will announce its initial signings "in the weeks ahead," according to the release.

Meanwhile, Timberlake is preparing for his summer tour, which launches Aug. 6 in Memphis, TN. The outing will span August and September and hit 16 cities; the full itinerary is listed below.