Drake has sold a majority stake in the intellectual property behind October’s Very Own, marking a major shift for the Toronto lifestyle brand he helped build from a cultural movement into an international apparel business.

Authentic Brands Group announced Aug. 27 that it acquired a majority stake in OVO’s intellectual property, while Drake will retain what the company described as a “significant ownership stake” and continue helping shape the brand’s creative vision.

The deal does not mean Drake has simply sold OVO and walked away.

Instead, it introduces a new ownership and operating structure designed to expand the brand internationally while keeping Drake involved in the identity and direction that helped make OVO recognizable around the world.

“We’re just a couple kids from Toronto who started something we believed in,” Drake said in announcing the partnership. “Here we are 20 years later, same kids with bigger dreams.”

Exact Deal Figures Have Not Been Publicly Confirmed

Reports circulating online have characterized the transaction as Authentic purchasing a 51% stake for approximately $117.65 million, with Drake retaining 44%.

Those figures should be treated cautiously.

Authentic's official announcement does not provide a purchase price or ownership percentages. It confirms only that Authentic acquired a majority stake and that Drake retains significant ownership. Billboard Canada likewise reported the transaction without identifying a 51% stake, $117.65 million valuation or 44% remaining stake for Drake.

Unless transaction documents or another authoritative financial source establishes those figures, the safer characterization is that Authentic acquired a majority stake for an undisclosed amount.

OVO’s Operations Are Changing Too

The transaction goes beyond ownership of the OVO name and intellectual property.

Vince Holding Corp., a publicly traded fashion company and longtime Authentic partner, acquired OVO’s operating business. It will oversee areas including product development, merchandising, apparel design and OVO’s retail stores.

That creates a structure in which Authentic controls a majority interest in the brand’s intellectual property, Vince handles the operating side of the apparel business and Drake remains an owner and creative force.

OVO's leadership maintains that the brand's identity will remain intact as the new partners pursue expansion.

Authentic founder and executive chairman Jamie Salter said the company sees an opportunity to take OVO into new markets and businesses while preserving what made the brand distinctive.

From a Toronto Movement to a Global Brand

OVO was co-founded by Drake, Oliver El-Khatib and Noah “40” Shebib and grew out of the Toronto creative movement surrounding Drake's rise.

What began as a blog and lifestyle identity eventually developed into a recognizable apparel company built around its signature owl logo and black-and-gold aesthetic.

The brand now operates 12 flagship stores and maintains a global e-commerce presence, according to Authentic.

OVO has also expanded its cultural reach through collaborations spanning professional sports and major consumer brands, including projects involving the NBA, Toronto Raptors, MLB, UFC and New Era.

The Authentic partnership provides OVO with access to a significantly larger licensing and distribution machine.

Authentic says its network includes more than 1,700 licensing and strategic partners across 150 countries. Its portfolio includes major names such as Reebok, Champion, Sports Illustrated, Shaquille O’Neal, David Beckham, Elvis Presley, Marilyn Monroe and Muhammad Ali.

For OVO, that infrastructure creates opportunities to move beyond its existing apparel and retail footprint and enter additional markets and product categories.

Drake Remains Part of OVO’s Future

Perhaps the biggest distinction surrounding the deal is that Drake isn't separating himself from OVO.

Authentic specifically described him as the brand's “driving force” and said he will continue shaping its creative vision.

That gives the transaction a different character from a conventional celebrity-brand exit.

Drake is cashing in on part of the intellectual property he helped build while maintaining ownership and creative involvement as larger corporate partners attempt to expand it.

The strategy also places OVO inside one of the world's largest brand-management portfolios without completely separating the company from the artist whose identity helped create its value.

For a brand that began as an extension of Drake and his Toronto circle, the deal represents its most significant corporate transformation yet.

OVO now has a new majority owner and a new operating partner.

But Drake is still along for the ride.