Procter and Gamble plans foray into hip hop

Consumer products giant Procter & Gamble is getting into the hip-hop business by launching a record label with Island Def Jam Music Group.

The joint venture with be called Tag Records, a nod to Procter & Gamble's's Tag body sprays. It will be run by Island Urban president Jermaine Dupri, who helped produce the latest sales disappointment by his girlfriend, Janet Jackson.

Tag Records will unveil its first signing in May, and is promising a marketing budget 10 times the going rate of $1 million or so for most artists.