Date
25 November 2017
Jay-Z, whose real name is Shawn Carter, is the latest rapper to try to enter the music-streaming business. Photo: Internet
Jay-Z, whose real name is Shawn Carter, is the latest rapper to try to enter the music-streaming business. Photo: Internet

Jay-Z hits sour note in Swedish music bid

American rapper Jay-Z has offered 464 million kronor (US$56 million) for Swedish music-streaming company Aspiro, but a group of shareholders is opposing the deal.

The Swedish shareholders’ association on Wednesday said it has gathered support from more than 10 percent of Aspiro’s investors who want a higher bid, the Financial Times reported.

However, Project Panther Bidco, the company bidding for Jay-Z, said at least 90 percent of the shareholders are willing to accept its offer.

“It is too early to comment. It is up to each individual to make their own analysis. We believe that the bid is advantageous for the shareholders of Aspiro,” a media adviser to Project Panther told the newspaper.

Jay-Z, whose real name is Shawn Carter, is the latest rapper to try to enter the music-streaming business after Dr Dre established Beats Electronic, which he sold last year to Apple for US$3 billion.

Aspiro owns Wimp, a streaming service popular in the Nordic countries, and Tidal, which offers high-fidelity music.

Carl Rosen, chief executive of the shareholders’ association, said Project Panther had not responded to the Aspiro investors who are seeking a higher offer.

Shareholders have until March 11 to decide whether to accept the offer, which represents a 59 percent premium to the company’s share price a day before the bid was announced, the report said.

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RA/CG

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