Jay Z’s Attempt To Become A Music Streaming Magnate Hits A Snag
Back in January, we learned that Jay Z — or, anyway, Project Panther, a company owned by Jay’s S. Carter Enterprises — had put in a bid to buy Aspiro, a Swedish company that owns the streaming services WiMP and Tidal. Jay put up $56 million to buy the company, and the company’s reviewing board recommended that they sign on with him. Jay seemed to recognize that, if there’s any money to be made in music anymore, it’s in streaming — which, after all, just made Dr. Dre rap’s first billionaire. But from the looks of things, it may not happen for Jay.
As FACT points out, Sweden’s Dagens Industri newspaper is reporting that Aspiro’s minority shareholders have blocked the deal. They own less than 10% of the company, but they have enough sway to keep it from going through. Those shareholders thought Jay was undervaluing the company, and they wondered whether he’d be able to finance the company’s move into new international markets. But Jay has until 3/11 to convince them. And since Jay isn’t used to hearing the word no, I would not count him out.
My suggestion: Rig up speakers outside Aspiro headquarters and blast “Reservoir Dogs” at them, just so they know that they are dealing with a bad motherfucker here.