Jay Z’s Bid for Swedish Streaming Company Is Accepted

Jay Z's $56.2 million bid for Aspiro, the Swedish streaming company, has been accepted. Swedish news outlet E24 confirmed the news. Minority shareholders had apprehensions at first but minority shareholder representative Sune Karlsson accepted the bid on their behalf.

In an email to E24, Fredrik Bjorland, head of the independent bid committee in charge of reviewing the offer ahead of its acceptance wrote, "We as a board tried to be as transparent as possible towards minority shareholders so that they could make the best possible assessment of the bid."

Last week it was reported that the rapper’s offer might be rejected by the company’s minority shareholders. The bid, proffered by Jay’s Project Panther Bidco (which is itself a subsidiary of his own Shawn Carter Enterprises), was based on a 57% premium over the company’s stock price the day before the offer was made. The company’s majority shareholders accepted this unanimously; however the group hesitant had a 10% interest in Aspiro.

There hasn't been a ton of information on what Jay Z and Roc Nation is going to do with Aspiro. The company's value is their international streaming services specializes in localized editorial teams dedicated to constructing highly personalized recommendations lists based on users’ listening histories.

In other Hov news, Danny Strong, one of the co-creators of Fox’s Empire, appeared on Sway in the Morning and revealed that the inspiration for the show’s storyline, is actually loosely based on the life of rap mogul and business magnate, Jay Z. Chance also revealed that Jigga was the one to link him up with Madonna for her new album "Icon" off of her album Rebel Heart.

Filed Under: Jay-Z

Categories: News