STREAM EXCLUSIVE ORIGINALS

Report: Aspiro Shareholders Prepared to Reject Jay Z’s $56 Million Offer

Minority group wants more information before deal can be approved.

Jay Z's $56 million bid to enter the world of music streaming isn’t a done deal just yet. Minority shareholders at Aspiro, the tech company behind streaming outlets WiMp and Tidal, have recommended that Hov’s offer be rejected, Billboard reports.

The minority group, which represent a 10 percent ownership in Aspiro, wants Jay’s company, Project Panther Bidco, to outline plans for further international expansion. (Tidal, for example, is currently available in the U.S., Canada, the U.K., and a handful of European countries.) The collective also needs more information as to how the $56 million offer was calculated.

| CLICK HERE FOR NEW DAY: JAY Z's ILLEST POWER MOVES |

While majority shareholders approved the 45-year-old mogul’s business deal, negotiations have to take place before the minority group gets on board.

Aspiro’s services are billed as competition to the likes of current streaming giant Spotify. Tidal differs from other services in that it offers “high fidelity sound quality, high definition music videos, and curated editorial, expertly crafted by experienced music journalists,” while WiMP is the “first and only multimedia service with integrated editorial, magazine and video,” according to the company’s website

A final decision on Jay’s offer will be made by March 11. 

BET.com is your #1 source for Black celebrity news, photos, exclusive videos and all the latest in the world of hip hop and R&B music.

Click here to subscribe to our newsletter.

(Photo: WENN)

Latest News

Subscribe for BET Updates

Provide your email address to receive our newsletter.


By clicking Subscribe, you confirm that you have read and agree to our Terms of Use and acknowledge our Privacy Policy. You also agree to receive marketing communications, updates, special offers (including partner offers) and other information from BET and the Paramount family of companies. You understand that you can unsubscribe at any time.