Word on the street was Hov was buying Hot 97 well close but no cigar! Shout out Ebro though, he had us going for a minute there, SMH!! Maybe if Jay Z would have bought Hot 97, it would have convinced Cipha Sounds to stay, but anyways!
According to the NY Times, Jay Z is getting into the streaming music business, with a $56 million offer for Aspiro, a Scandinavian business that runs two ad free music streaming services, WiMP and Tidal.
Jay Z’s company, Project Panthers Bidco Ltd, released a statement to Reuters on Friday saying that they found Aspiro to be “an innovative high-quality company with strong future growth potential.” Also according to the statement, the company had been watching Aspiro for some time, starting negotiations in December. Jay Z’s offer, which has been already accepted by the Swedish Company, will represent a 59 percent premium over the stock’s closing price on Thursday.
As for the two streaming services, WiMP only has a limited availability in Europe while Tidal is available in the U.S., Canada, the U.K., Ireland, Finland, the Netherlands, Belgium and Luxembourg.
What a great chess move for the rapper turned entrepreneur! This deal not only solidifies his domination in the music streaming world around the world but it also gives his sports and entertainment company, Roc Nation, a new territory to reign in as well as an expansion on its media portfolio.
And the Jigga man wins again, well played Shawn Carter, well played!
SOURCES SITED: NY TIMES
http://www.nytimes.com/2015/01/31/business/media/jay-z-bids-on-aspiro-a-swedish-music-streaming-company.html
EDITTED BY: DEBRA OH!! @THE_EBONY_ISSUE ON INSTAGRAM AND @TSR_EBONY_ISSUE ON TWITTER!!
