Jay-Z earned his status as one of the top moguls today by way of a series of savvy business maneuvers, including purchasing a major stake in the D’Ussé cognac brand. The Brooklyn star is seeking to sell his stake back to D’Ussé’s parent company Bacardi but claims that he’s being lowballed in return.
TMZ has been at the forefront of reporting about the impending sale, noting that Jay-Z launched a lawsuit against Bacardi earlier this week and demanding to see financials regarding the cognac. Jay-Z and Bacardi are currently split down the middle in regards to owning the cognac brand, which has emerged as a major player in the vast world of adult beverages.
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According to docs, Jay’s company, SC Liquor, exercised its right to a buyout about a year ago. Under their agreement, Bacardi now has to “negotiate in good faith” to come up with a fair price for Jay’s stake in D’Ussé. Therein lies the problem … Jay thinks they’re not playing fair.
In the docs, SC Liquor says Bacardi’s subsidiary, Empire Investments Inc., is trying to “stall and stonewall” all efforts to get financial info on the valuation of D’Ussé.
While it appeared that the union between Hov and Bacardi was a fruitful one, the current tension between the two sides illustrates things have changed. It isn’t known if Jay-Z will seek to launch another brand under the SC Liquor company but he’s already an industry insider.
This is big business and the value of the brand and Jay’s stake isn’t public knowledge as of yet. Stay tuned as this story will surely develop in the weeks and months to come.