Jay Z Gets Into Streaming With $56 Million Bid for Spotify Rival

January 30, 2015 2:10 PM

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Jay Z Gets Into Streaming With $56 Million Bid for Spotify Rival

Jay Z has set his sights on buying Aspiro, the Swedish parent company of two subscription streaming services, WiMP and TIDAL. The offer of 464 million Swedish krona, or $56.2 million, represents a 59.1 percent premium over yesterday's closing share price. It was announced by Aspiro early this morning and has already been accepted. Trading of Aspiro stock was up 76 percent on the news this morning, to 0.08 per share.

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 subscrip...

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