Drake may be making a major business move. Specifically, the rapper is reportedly in talks to sell 50 percent of his OVO brand to Authentic Brands Group (ABG) .
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Puck News first reported the potential deal . The negotiations would see ABG acquire a significant stake in the lifestyle and clothing brand.
ABG is one of the largest licensors in the world. The company works with Champion, Sports Illustrated, and Reebok. They also hold the rights to the likenesses of Shaq, Marilyn Monroe, Elvis Presley, and Muhammad Ali .
OVO has built a successful brand with collaborations involving the NHL, NFL, and Looney Tunes. The brand is preparing for a major influx of interest following the success of Drake’s ICEMAN album.
The potential deal would allow ABG to take OVO to the next level. Further collaborations and licensing opportunities could follow.
The financial details of the deal remain unknown. However, the OVO brand is estimated to be worth hundreds of millions of dollars.
Negotiations are still in early stages. Consequently, the deal could be completed soon or fall through entirely .
