Entertainment JAY-Z Sells Half of Ace of Spades Ownership to LVMH

05:10 23 february 2021

05:10 23 february 2021 Source: people.com

New manager, new mentality: Beckham's back to build Inter Miami his own way

The former England midfielder was forced to watch on from afar during his club's first season, and he is determined to make a bigger mark in 2021From the moment this club began its journey to existence nearly a decade ago, the aim has been to sculpt this project in Beckham's image: flashy, star-studded but, ultimately and most importantly, successful in every way.

JAY-Z wearing a hat: Shareif Ziyadat/Getty Image JAY-Z

Jay-Z is expanding his empire.

The rapper and entrepreneur announced on Monday that he had sold 50 percent ownership of the Armand de Brignac champagne he has owned since 2014 to luxury brand Moët Hennessy Louis Vuitton.

"Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac," the champagne brand wrote on Twitter.

"The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison."

Shawn JAY-Z Carter is pleased to announce a partnership with Moët Hennessy as they acquire a 50% stake in Armand de Brignac. The partnership reflects a shared vision between Moët Hennessy and Shawn JAY-Z Carter for the future of this iconic Maison. https://t.co/Rux95qWidL pic.twitter.com/INPjPjUfBA

Alex Rodriguez 'Never Met' Southern Charm's Madison LeCroy, Source Says, as She Addresses Affair Speculation

During the recent Southern Charm reunion, Madison LeCroy was accused of sleeping with a married ex-MLB player, which she denied RELATED: Southern Charm's Craig Conover Accuses Madison LeCroy of Sleeping with a Married Ex-MLB Player She went on to allege that Rodriguez — who is engaged to Jennifer Lopez — has "never physically cheated on his fiancée with me," claiming that she has spoken with him "randomly, but not consistent." "All this stuff was a year ago [but] it's being aired now," said LeCroy, referring to the time between when the messages allegedly took place and when Southern Charm began airing.

— Armand de Brignac (@ArmandDeBrignac) February 22, 2021

RELATED: Hear JAY-Z and the Late Nipsey Hussle's Judas and the Black Messiah Soundtrack Collab

The financial terms of the deal were not disclosed, according to the New York Times.

Jay-Z acquired a 50 percent stake in Armand de Brignac in 2006, debuting the bubbly in his "Show Me What You Got" music video before it launched that year.

The rapper bought the remaining half of Armand de Brignac in 2014.

LVMH oversees several other luxury champagne brands, including Dom Pérignon and Krug.

a close up of a bottle: courtesy wine.com

RELATED: JAY-Z Turned Down Super Bowl Halftime Show After He Was Asked to Bring Rihanna and Kanye West

Jay-Z said during CNBC's "Squawk Box" on Monday that he started having conversations about a deal with LVMH in 2019.

"It just started out in a place of respect and built from there pretty quickly," he said.

A bottle of Armand de Brignac Brut Gold retails for $300. A 30-liter bottle, which weighs about 100 pounds, can sell for around $275,000, according to Eater.

"What we could bring to the brand, which is already very successful, is the sheer power of our international distribution network," Moet Hennessy CEO Philippe Schaus told CNBC.

The brand, which is known by the nickname "Ace of Spades," sold more than 500,000 bottles in 2019.

Moet Hennessy buys 50% stake in Jay-Z's Champagne brand .
Grammy nominee Josh Groban joins The Morning Show to talk about the release of his album Harmony’s deluxe version.