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

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

Minority group wants more information before deal can be approved.

Published March 4, 2015

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.

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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. 

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(Photo: WENN)

Written by Latifah Muhammad

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