Jay-Z has been handling his business, man.
The Brooklyn rapper’s latest business endeavor is coming in collectibles.
Jay-Z’s Roc Nation along with Fanatics founder Michael Rubin, Miami Heat forward Andre Iguodala, and current Philadelphia 76ers President of Basketball Operations Daryl Morey are investing in Blackstone’s acquisition of the Certified Collectibles Group. A company that authenticates collectibles like comic books, magazines, trading cards, and other items.
According to Business Insider, the company has certified over 62 million collectibles with a fair market value of $50 billion, and on completion of the transaction, the value would surpass $500M.
CCG founder Mark Salzberg released a statement expressing how he feels about the new deal.
“When I established CCG, I had a vision that we would transform collectibles into an asset class that is trusted by collectors, dealers, and investors around the world,” said Salzberg. “It has been incredible to be a part of this journey as we achieved and then exceeded these goals. I am excited to join with Blackstone as we enter the next phase of growth for CCG and the collectibles market.”
Insider also reports that the funds managed by Blackstone’s Tactical Operations business will acquire a majority stake in CCG, as Blackstone looks to increase CCG’s “digital presence, add employees, and branch CCG’s geographic reach.”
This latest business deal of Roc Nation comes less than a week after Hov auctioned off his 1996 debut album Reasonable Doubt. And prior to that, in May, Hov’s Marcy Venture Partners was among several backers that invested $19 million in NFT marketplace Bitski. And earlier this year, he created no a $10 million fund to invest in minority-owned cannabis startups.
“I’m not a businessman; I’m a business, man.” – Jay-Z