Music Business

Minority Shareholders Shift, Approve Jay Z Acquisition Of Aspiro’s Streaming Music Services

image from www.hypebot.comIt looks like Jay Z really is going to get into the streaming music business with a $56 million purchase of Aspiro, the Scandinavian company that owns WiMP and its hi-def audio cousin Tidal.

image from www.hypebot.comA group of 120 shareholders that were blocking Jay Z's acquisition of Aspiro and its WiMP and Tidal streaming music services have dropped their objections, clearing the way for a sale. " “We have together with the major shareholders decided that it is best to accept the bid,” the leaders of the shareholders block said in a statement.

This should clear the way for Project Panther Bidco, the investment group led by Jay Z, to take control of the company within the next few weeks.

WiMP is already a competitor of Spotify's in Scandinavia and elsewhere in Europe.  The company launched its hi-def offshoot Tidal in the US, UK and Canada late last year. As of late October 2014, WiMP had 512,000 paying subscribers globally including 20,000 who pay $20 per moth for hi-def Tidal.

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