Another week, another rumor about Jay Z having plans to make major purchases. However, this time the rumors seem to be credible. According to CMU, Project Panther Bidco, a company controlled by Jay Z, apparently placed a bid of $56 million to acquire Aspiro. Pocket change for a multi-millionaire like Hov.
Aspiro is based in Norway and owns the Norwegian company WiMP, a streaming service similar to Spotify for various European markets. The company also recently launched Tidal, its high quality audio service, in the US and UK. Although the deal has not yet been made official, word got out about the bidding soon after Spotify was reported to be raising new finances.
The deal between Jay Z and WiMP is expected to be completed sometime next month. As of right now, it’s too early to tell but this sort of business move could end up being comparable to Dr. Dre’s role with Beats Music. However, it will be interesting to see how well this investment turns out for Jay Z.