Rapper and record producer Jay Z has offered $56m bid to buy Scandinavian company Aspiro, which operates streaming services Tidal and WiMP, in efforts to compete against other streaming companies like Spotify.
The bid was made by Project Panther, which is indirectly owned by Jay Z’s company S. Carter Enterprises (SCE).
According to the bid, SCE is aiming to control 90% of Aspiro’s stock, with Aspiro havings asked its shareholders to accept the offer.
Aspiro’s streaming service Tidal operates in the UK, US, and Canada, with the WiMP music service operating in Norway, Sweden and in several other parts of Europe.
Charging $20 a month, the streaming services reportedly provide high resolution audio that can be compared to the quality of music provided by CDs.
According to Aspiro, the company received interest from SCE on 3rd December 2014 and the offer is expected to commence on 19th February 2015.
According to reports, Jay Z considers net streaming of music and video appealing to the audiences. Aspiro is also expected to get an international expansion if the deal materialises.
Aspiro said: "After having reviewed the Offer and the Offer documentation in connection therewith, the Independent Bid Committee is of the opinion that Panther, indirectly owned by SCE and controlled by Shawn Carter, possesses the proprietary relationships, industry knowledge, as well as economic strength and the necessary commitment in order to realise Aspiro’s strategic plan of expanding the Company’s business and brand globally."