Jay Z to Buy Scandinavian Music Streaming Company Aspiro for $56 Million

January 30, 2015 8:44 PM

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The rapper and business mogul (née Sean Carter) is looking to buy Aspiro – a Swedish tech company that streams music through subscription, similar to giant Spotify – through Project Panther Bidco, which is controlled by the rapper's S. Carter Enterprises.

"Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption," a spokesperson for S. Carter Enterprises tells PEOPLE of the $56 million deal that's underway. "Panther believes that the recent developments in the entertainment industry, with the migration to...

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