Jay Z Acquires Streaming Company “Aspiro” For $56 Million Bid
Billboard reports that Jay made a $56 million bid earlier this year that was initially almost rejected because minority shareholders weren’t keep on the idea of global expansion, nor the calculations that went into the initial bid.
That hurdle has been cleared, according to Billboard. Jay is acquiring the company via Shawn Carter Enterprises subsidiary Project Panther Bidco.
Aspiro’s mission statement, per their website.
Aspiro is a media technology company at the forefront of the ongoing redefinition of music consumption. Through its subscription service WiMP, the company offers a complete music experience with HiFi quality audio and integrated editorial, magazine and video. In parallel, Aspiro is a content provider to the online media industry through RADR, helping its partners to attract and retain visitors on their websites.
The Aspiro Group delivers a subscription-based streaming service (WiMP Music) through direct B2C sales channels as well as indirect channels through telecom and cable partners. The company also operates a video content syndication platform (RADR Music News) that facilitates content monetization between publishers and content owners through advertising.