Jay-Z Poised to Take on Spotify With Aspiro Takeover Bid
Music mogul offers $56 million for Swedish music streaming company.
— -- If you haven't heard of Aspiro and its music streaming services, expect to see them around a lot more in the near future.
The Swedish company just got a major injection of coolness after Jay-Z, whose real name is Shawn Carter, bid a reported $56 million to take over Aspiro and its streaming services, Tidal and WiMP.
The music mogul's bid was made through his company, Project Panther Bidco, and announced in a statement today by Aspiro, which is a publicly traded company in its native Sweden.
With the acquisition, Aspiro is poised to take on Spotify, Beats and other competitors around the world by offering a differentiated, high fidelity listening experience.
WiMP is available in several European countries, while Tidal launched last year in the United States and the United Kingdom, charging around twice as much per month as the competition but attracting a loyal user base.
The bid is subject to shareholder agreement, however with the board's unanimous recommendation for approval, it's looking like Aspiro will soon be joining Carter's empire.
An independent bid committee that the music mogul's company "possesses the proprietary relationships, industry knowledge, as well as economic strength and the necessary commitment" to help expand Aspiro globally.
Carter is worth an estimated $520 million, according to a Forbes 2014 list of hip-hop's wealthiest artists.
One of his first big deals was selling clothing brand Rocawear for $204 million in 2007. In 2008, Carter inked a $150 deal with Live Nation.
According to Forbes, Carter's fortune has continued to grow thanks to new ventures -- and with a streaming service under his guidance, it's likely his net worth will continue to inch closer to the billion dollar mark.
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