Jay Z is getting into the music streaming business by buying Aspiro

Jay Z is buying Aspiro, the Swedish music streaming company behind ad-free services WiMP and Tidal. Project Panther Bidco Ltd, a company controlled by the rapper’s firm Shawn Carter LLC, has agreed a $56 million deal to make the acquisition.

While WiMP is only available in Norway, Denmark, Sweden, Germany and Poland, Tidal launched in the UK and US last year with a focus on offering higher quality streams.

According to the press release announcing the deal, Aspiro’s board of directors has “unanimously recommended” that shareholders accept the offer.

Jay Z has a wide range of business interests and Forbes estimated his net worth last year at $520 million but this is his first move into the music streaming business.

➤ Statement by Aspiro’s independent bid committee in relation to Project Panther Bidco’s public takeover offer [Aspiro via VentureBeat]

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