Watch out Daniel Ek: Jay Z is coming for your market share.
According to breaking reports out of Scandinavia, the rap legend and entrepreneur’s company has tabled a bid of half a billion Swedish Krone (€53m) for Aspiro – the parent of high-def streaming platform WimP/Tidal.
UPDATE: the majority shareholder on Aspiro’s board has accepted the bid. Jay Z’s company is almost certainly Wimp/tidal’s new owner. To be exact, PPB paid 464m Swedish Krone, or €50m.
The largest shareholder on the Board of Aspiro, Schibsted, has reportedly recommended that the company’s owners accept a bid from Project Panther Bidco. Jay Z is the main shareholder of PPB.
The bid offers the Board a a premium of 59.1% on its share price, and it’s been given to early March to make a decision.
Trond Berger, CFO of Schibsted ASA, said: “Schibsted and Streaming Media have been active owners of Aspiro for 3 years, and there has been significant progress made by Aspiro during this period. Schibsted believes there is a lot of potential for further growth of the Company. However, Aspiro needs substantial expansion capital and a strong and dedicated owner to be able to grow and compete on the global music streaming market.
“For Schibsted, Aspiro is not regarded as a core activity, and we wish to allocate our financial resources to Schibsted’s core operations. Panther, which is controlled by S. Carter Enterprises, LLC, has adequate financial resources and a high level of competence in the music industry. Hence, I think they will be a better owner to lift Aspiro and its advanced music streaming service to a new level.”
Schibsted owns approximately 75% of the shares in Streaming Media AS, which owns approximately 76% of the shares in Aspiro.
Originally called WimP in its home Nordic territories, Tidal launched in the UK and US in October last year.
Tidal boasts a library of 25 million-plus tracks, 75,000 music videos, and curated editorial articles, features and interviews.Music Business Worldwide
