You've likely heard Jay Z name drop Ace of Spades with impunity over the last decade, and with good reason. The Brooklyn rapper has been a significant brand ambassador of sorts for the premium champagne label ever since 2006, when he introduced Ace of Spades to millions in his music video for "Show Me What You Got." Now, Hov owns it.

In a press statement released earlier today, Sovereign Brands revealed Jay Z has purchased Armand de Brignac—better known as Ace of Spades—for an undisclosed amount. "We are proud to announce that Sovereign Brands, a New York-based wine and spirits company owned by the Berish family, has sold its interest in the Armand de Brignac ('Ace of Spades') Champagne brand to a new company led by the globally-renowned Shawn 'Jay Z' Carter."

Power moves from Hov.

​[via NYT]