Toby Keith has scheduled an Aug. 31 press conference in Nashville to officially launch his own record label. He first announced plans for the new venture in March. The company is a partnership with Scott Borchetta, a veteran record executive responsible for securing radio airplay for Keith's 1999 breakthrough hit, "How Do You Like Me Now?!" In 2004, DreamWorks became part of Universal Music Group Nashville, which includes MCA, Lost Highway and one of Keith's previous label homes, Mercury. Borchetta exited his position as UMG Nashville's senior vice president of promotion and artist development shortly after Keith announced plans for his own label. Keith's latest DreamWorks album, Honkytonk University, has remained in the country Top 10 since its release 14 weeks ago. Keith reportedly owes one more album to DreamWorks before he can release one of his projects on the new label.