Music mogul Jay Z is getting closer to competing with the likes of fellow rap entrepreneur Dr. Dre and Apple’s Beats Music courtesy of a $56 million bid being accepted this week.
According to reports, Jay’s $56.2 million bid for Swedish music streaming company Aspiro has been accepted.
The bid had been questioned by minority shareholders, before minority shareholder representative Sune Karlsson detailed today his recommendation to accept. The bid was strongly supported from the first by majority shareholder Schibsted ASA. “We as a board tried to be as transparent as possible towards minority shareholders so that they could make the best possible assessment of the bid,” wrote Fredrik Bjorland, head of the independent bid committee in charge of reviewing the offer ahead of its acceptance, in an email to E24. (Billboard)
Check out what benefits the company could receive if Jay wins the bidding war on the next page…
Details of the music mogul’s potential big buy landed online in late January.
The Scandinavian press is buzzing right now with the news that Jay Z is buying the Norwegian company behind the high-quality music streaming service Tidal. The rapper and entrepreneur made a 464 million Krona (roughly $56 million) bid which the company’s reviewing board has already reviewed. It’s recommending all its shareholders accept the offer. (Engadget)
Reports claimed if Jay was successful with his bid, he could effectively raise the company’s profile.
“Project Panther,” a company indirectly owned by Jay Z’s S. Carter Enterprises, has made a bid for Aspiro, a company that runs Tidal, and also a similar service called WiMP. While neither are a household name in the states yet, its WiMP service had over half a million paying subscribers as of last September (before Tidal launched). So it’s not quite competing with Spotify or Beats Music, but it’s getting there, and you’d imagine, once the deal goes through, that Jay Z will start using his popularity to raise Tidal’s profile. (Engadget)
Aside from this news, Jay recently praised New York’s Governor Andrew Cuomo in a public statement last January.
“The criminal justice reform package proposed by Governor Cuomo today is a huge step forward in restoring fairness, protection, sensitivity and accountability for all under our justice system. I commend Governor Cuomo for his bold leadership in taking this issue head on at this critical time.” (Capitol Confidential)
Jay also talked about the importance of making New York a stronger state.
“This package presents comprehensive steps to protect and improve relations amongst all citizens. We cannot be divided, as every single human being matters. Together, we can move forward as a community, with mutual respect for each other and continue to make this great state stronger than ever before.” (Capitol Confidential)