Move Over Spotify: Jay Z Reportedly Finalizes $56M Deal For Scandinavian Streaming Company
UPDATE: It’s a done deal–reportedly. Word is that Jay Z has completed his acquisition of Scandinavian streaming company Aspiro. Billboard reports that the company’s shareholders have approved Jay Z’s bid though which the rap mogul will take control of WiMP, a major streaming player internationally, and Tidal, which is a Norwegian version of the service.
Initially, it looked like the deal might not happen after all when a group of minority shareholders who control 10 percent of the company wanted to vote “no,” but they changed their mind it seems at the last minute.
“There’s been little indication of Shawn Carter and Roc Nation’s plans for his new acquisition, though artist exclusives from Roc Nation’s long list of major stars is a reasonable expectation. As well, Aspiro’s WiMP platform already provides ample space for editorial, which would dovetail nicely with Carter’s Life + Times blog,” reports Billboard.
Originally published Jan. 30, 2015
Jay Z is on the verge of buying the company behind WiMP, one of Spotify’s biggest streaming rivals, for $56 million, the Financial Times reports.
Never heard of it? Well, WiMP is wildly popular in Scandinavian countries. A rival to Spotify, it features a similar music-streaming service. The parent company for WiMP also runs Tidal, a Norwegian version of the service.
“Project Panther Bidco, a company owned by Jay Z, offered $56 million for the company, Aspiro, which is based in Sweden,” reports Business Insider. And the deal is basically done, as Aspiro’s major shareholders have accepted Jay Z’s offer, according to Reuters. According to a statement by Aspiro, “With reference to Project Panther Bidco Ltd’s public takeover offer for all the shares in Aspiro AB, the Independent Bid Committee within Aspiro’s board of directors has decided, as further set out below, to unanimously recommend all shareholders of Aspiro to accept the offer.”
Jay Z released the following statement about the acquisition offer:
Panther believes that the recent developments in the entertainment industry, with the migration to music and media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music. Panther’s strategic ambition revolves around global expansion and up-scaling of Aspiro’s platform, technology and services.
Jay Z is becoming an international player.