Jay Z News: Did The Singer Just Spend $56 Million? [VIDEO]
If you had an extra $56 million, would you use it to buy a music streaming company? Looks like Jay Z would.
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On Wednesday, Pitchfork reported that after bidding $56 million on a Swedish company, Aspiro, in January, it looks like Jay Z won and is now the owner.
Apparently his bid was not initially accepted due to 10% shareholders who were going to reject him.
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The minority shareholders suggested rejection after quesitoning Jay Z's plans for international expansion and his valuation of the company. That all changed on Wednesday when they accepted his bid and handed over the company.
Even though they have put their worried aside and have accepted his bid, the deal is not dealed yet.
Jay Z's company has until Monday to officially announce the acquisition after jumping through some legal hoops.
When first putting in an offer for Aspiro, Jay Zs company published the following statement:
"Panther believes that the recent developments in the entertainment industry, with the migration to music and 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."
Aspiro is the company behind two high-fidelity music streaming services, WiMP and Tidal. And now, Jay Z has to decide what he is going to do with this newly-acquired company.
