By Rick Reeno

BoxingScene.com has confirmed that eight division world champion Manny Pacquiao, and rapper 50 Cent, are going to move forward with a joint promotional venture - according to Pacquiao's adviser Michael Koncz.

In an earlier story, multiple sources advised BoxingScene that TMT Promotions, the promotional company recently started by 50 Cent, was already closing shop.

Back in July, 50 Cent announced the formation of TMT Promotions, and quickly signed Yuriorkis Gamboa, Billy Dibb, Celestino Caballero and Andre Dirrell. He also obtained a promoter's license in New York, and submitted paperwork to get a license in Las Vegas.

There was talk of friction between 50 Cent and Mayweather, but never confirmed.

The lawyer for featherweight champion Billy Dib was reportedly advised by attorney Sekou Gary, that "50 Cent was no longer in boxing" and his promotional contract was being moved to Mayweather Promotions. Gary represented Gamboa when he left Top Rank for TMT. He currently represents James Kirkland in his lawsuit against Golden Boy.

Gary declined comment when reached Wednesday night by BoxingScene.com.

Koncz tell BoxingScene that Pacquiao and 50 Cent are going to come together to form their own promotional company, and Mayweather was initially discussed as a partner - but he doesn't appear to be involved.

"50 Cent and I have been talking now for maybe the last two months. They approached us with the idea to form a promotional company. Initially it was going to be 50 Cent, Manny and Floyd. But right now I don't think Floyd is going to be a part of it. I explained the idea to Manny. We already have a promotional company, MP Promotions, and we have already done three separate promotions from Top Rank...on a small scale. I have to take the blame for that. I'm in charge of it. There is an element missing there, but I have so much to do with Manny - that I haven't got that company to where I want it," Koncz told BoxingScene.com.

"I think with 50 Cent, with his entertainment connections and his popularity there, combining that with Manny's popularity and expertise in boxing - we can bring a new flavor to boxing - we can excite some young boxers and I think we can sign some top quality boxers. I spoke to 50 Cent tonight and confirmed that we're going to go forward. Manny is coming here this weekend for other business, but we're all excited about it. With 50's influence in the music industry - we want to put a different flavor on the shows."

"On pay-per-view events maybe we won't do four fights. Maybe we'll do two fights and a mini-concert in-between or something. A different angle on it. People know Manny cares about other boxers and I think that's going to be important when we go out and sign other quality boxers who may not know 50 Cent but on the other hand know Manny and know his generous character to other boxers."