Manager and music executive Phil McIntyre joins forces with singers Nick Jonas and Demi Lovato are pursuing a joint venture with Island Records. The venture will result in an "artist-centric label" called Safehouse Records.

According to the press release, via Entertainment Weekly, McIntyre, Jonas, and Lovato will create a label where artists can "enjoy participation in the success of the company as part owners."

Nick Jonas, Phil McIntyre and Demi Lovato all intend to sign future talent for the new record label.

Demi Lovato is set to release upcoming music on Safehouse Records in conjunction with Island Records and her current label, Hollywood Records. This will be the fifth studio album from the "Give Your Heart A Break" singer.

In a statement, Lovato said, "I've worked closely with both Nick and Phil for years and we share the same point of view when it comes to making music."

She continued, "It's incredibly exciting to be part of this new company where I'm in control of all aspects of my career. I can't wait to share what we're working on!"

After the news was announced, Lovato even took the time to post a snap on her Instagram page. She even captioned the photo, "A day I will never forget. #safehouserecords."

The company aims to have access to the "best marketing and promotion available" through its partnership with Island Records, as said by Jonas and McIntyre in a joint statement.

Island Records CEO and president David Massey has been impressed with Phil McIntyre's work. It was almost a year ago when discussions of a new record label would be produced.

Massey said, "I really liked the culture he wanted to create: a small label that's highly focused and very artist-driven as opposed to something that would have to be able to grow exponentially."