Hip Hop mogul and entrepreneur Jay Z has put in a offer to buy Swedish Music Company Aspiro for $56 million dollars. Jay Z is looking to expand his business empire which already includes a sports bar and a clothing line. He will purchase the company through Project Panther Bidco, which is controlled by Jay Z’s S. Carter Enterprises.
Aspiro is located in Malmo, Sweden, and owns the music subscription service WiMP. WiMP streams HiFi-quality audio, as well as magazines and video content. In the United States, Aspiro is known as Tidal.
Project Panther Bidco has had its eye on Aspiro for quite some time and believes it to be “an innovative high quality company with strong future growth potential”. In a statement, Project Panther Bidco said “The recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music”.
In 2014, Forbes estimated Jay Z’s net worth at nearly $520 million.
