Jay Z Jumps Into Streaming Music Biz w/ $56 Million Bid
Jay Z has taken the leap into streaming music with a bid to purchase Swedish media technology company Aspiro, which could sell for a reported $56 million pricetag. The umbrella company comes packaged with subscription based streaming services WiMP and TIDAL. According to a report from Billboard, the acceptance of Jay Z's bid and the completion of the transaction will put him in position to take on Spotify and its competitors:
The proposed acquisition is being made via the mogul's Project Panther Bidco, a subsidiary of his S. Carter Enterprises, and is still subject to shareholder approval. A spokesperson said Panther's "strategic ambition" for Aspiro is to expand and up-scale its technology and services. The full statement from the rep is below:
Project Panther Bidco, Ltd ("Panther"), an entity controlled by S. Carter Enterprises, LLC ("SCE") is pursuing a possible acquisition of Aspiro AB ("Aspiro"), based in Sweden. Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption. Through the subscription services WiMP and TIDAL, Aspiro offers a complete experience of higher HiFi quality. The platform encompasses audio, video and integrated editorial features.
Panther believes that the recent developments in the entertainment industry, with the migration to 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.
The acquisition is subject to shareholder approval. As such there is no guaranty that a transaction will take place.
Read the full breakdown of the proposed deal via billboard.com. Stay tuned for more.