Jay-Z settled a well-publicized legal dispute with spirits company Bacardi. The company bought a majority of Jay’s half of D’Usse in a new partnership close to $750 million, taking 75 percent ownership.
Updated By: Kendall Parks (2/6/23 at 4:17 pm)
Bacardi has settled with the “Song Cry” artist and bought out most of Jay-Z’s alcohol beverage company D’Usse, giving Bacardi over 75 percent ownership.
While there’s no exact number on how much the deal is worth, the range of the deal will be around $750M.
On February 3rd, the two sides sent out a press release on their new agreement. In the new press release, the rap icon spoke about how excited he was to reach a new deal with the alcohol brand.
“Growing D’USSE over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing. The next phase of this journey will further cement D’USSE’s legacy as one of the world’s respected brands. I am excited to renew this partnership with Bacardi.”The rapper will keep most of the ownership stake where the exact number hasn’t been revealed alongside his company SC Liquor.
Bacardi + Empire Investments Respond To Jay-Z’s Lawsuit Claiming He Backed Out Of D’USSÈ Deal
Bacardi and Empire Investments have recently responded to the recent D’USSÈ lawsuit. The business partners reportedly accused Jay-Z of backing out of an initial business deal both sides agreed on last year.
According to TMZ, Cuban alcohol brand Bacardi has responded to Jay-Z’s lawsuit saying the rap mogul “double-crossed” them.
TMZ has also reported that Bacardi’s partner, Empire Investments, made claims in the paperwork, stating that both camps came into an agreement last year to buy Jay-Z’s share within the company, where HOV later backed out.
Jay-Z Sues Bacardi Over D’USSÈ Partnership + Demands Financial Transparency
Jay-Z filed a lawsuit against Bacardi over their partnership with cognac brand D’USSÈ. The business mogul demands transparency from the spirit company for financial clarity.
Jay-Z vs. Bacardi
Rap legend and entrepreneur Jay-Z sued his Bacardi partners to discover how much the brand makes in their deal with D’USSÈ. The documents show that HOV and his company demand total transparency from the brand as they battle their issues in court.
In addition, the lawsuit asks for books and records, the location of warehouses, other storage areas, etc. The Brooklyn-bred rapper’s liquor establishment makes it clear that they expect Bacardi to make the right business decisions to protect the rights of the “Izzo” artist as a co-owner of D’USSÈ.