By Megan Daley
Updated May 26, 2015 at 03:21 PM EDT
Credit: Chelsea Lauren/WireImage

Nick Jonas, Demi Lovato, and manager/music executive Phil McIntyre announced they are teaming up through a joint venture with Island Records to form Safehouse Records, an “artist-centric label.”

According to a release, Lovato, Jonas, and McIntyre will sign future talent, and artists will “enjoy participation in the success of the company as part owners.” Lovato will release future music on Safehouse Records through a partnership between the label, Island Records, and Hollywood Records, the singer’s current label.

“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,” Lovato said in a statement. “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!”

In a joint statement, Jonas and McIntyre said the company will have access to the “best marketing and promotion available.”

Lovato is currently working on her fifth studio album, while Jonas’ hit self-titled album debuted late last year. The “Jealous” performer also joined the lineup of artists featured on Finding Neverland: The Album along with John Legend, Jennifer Lopez, Christina Aguilera, and more, due out June 9.