Rapper Jay-Z is well-known for his business acumen, so it shouldn’t come as a surprise that he is diversifying his already extensive portfolio. He recently claimed a stake in Blackstone Technical Opportunities’ impending acquisition of the Certified Collectibles Group (CCG) Inc.
Jay-Z’s company Roc Nation is one of several investors involved in the transaction, valued at over $500 million. Other participating parties include Fanatics founder and chairman Michael Rubin; Daryl Morey, president of basketball operations for the Philadelphia 76ers; and professional basketball player Andre Iguodala.
CCG is best known for its valuation and appraisal services for several collectible items such as trading cards, event-specific merchandise such as concert posters and paraphernalia, comic books, limited-edition releases, and even estate items previously owned by celebrities.
To date, the company has appraised over 60 million diverse collectible items, with a combined market value of approximately $50 billion.
The age of expansion
According to Blackstone executives, purchasing CCG is expected to usher in an era of growth for the company. Among the initiatives planned are CCG’s expansion into other markets throughout the world, the hiring of additional employees to deal with increasing requirements for appraisal, as well as the enhancement of the company’s presence online.
While Blackstone will hold the majority stake in CCG, company founder Mark Salzberg and CEO Steven R. Eichenbaum will retain a minority share.
Blackstone’s announcement of the acquisition had certainly boosted its prominence in the tech scene, as the company’s share value rose by 0.03% when trading ended last June 25.
The art of diversification
Blackstone’s CCG purchase is just the latest in a string of big-ticket investments Jay-Z has made over the past few years.
Outside of Roc Nation, the rapper’s business interests have become increasingly diverse. Through his company Marcy Venture Partners, he helped raise funding for NFT marketplace Bitski in May of this year. Bitski is seen as a much easier way by which corporations and private individuals can get into the NFT scene.
Earlier this year, Jay-Z also lent a helping hand to cannabis-centric startups founded and run by people of color In addition, hee created a $10 million fund that he hopes will increase the involvement of minorities in what is regarded as a potential growth sector, particularly in the field of alternative medicine and holistic wellness. Jay-Z stated that this would be his way of uplifting a community that has long been affected by the war on drugs.
