Jay-Z to Acquire Scandinavian Music Streaming Company for $56 Million The rapper-turned-businessman is adding to his empire, which already spans clothing and sports bars.

By Reuters

entrepreneur daily

This story originally appeared on Reuters

Hip-hop star Jay-Z is buying a Scandinavian music streaming company for $56 million to add to a business empire that has spanned clothing and sports bars.

Project Panther Bidco Ltd, a company controlled by the 45-year-old rapper, said on Friday it had agreed to buy Sweden-listed Aspiro for 464 million Swedish crowns ($56 million) in cash.

Shares in Aspiro, which runs music streaming service WiMP, leapt 59 percent in early trading to the bid level of 1.05 crowns per share.

Jay-Z, real name Shawn Corey Carter, is one of the world's best-selling music artists of all time, having sold more than 100 million records. Forbes estimated last year that his net worth was $520 million.

Married to pop star Beyonce, Jay-Z has had a number of business interests, including 40/40 Club sports bars and Rocawear clothing.

His mix of music and entrepreneurial interests mirrors that of other rappers, including De Dre, who sold his Beats headphones business to Apple, and 50 Cent, who sold his vitamin water business to Coca-Cola.

Project Panther said it had followed the development of Aspiro for some time, believing it to be "an innovative high-quality company with strong future growth potential".

Norwegian media house Schibsted, Aspiro's main shareholder, said it had accepted the offer, while Aspiro's board said it was united in recommending the bid, virtually ensuring its success.

Schibsted owns around 75 percent of Streaming Media AS, which in turn owns about 76 percent of Aspiro.

($1 = 8.2680 Swedish crowns)

(Reporting by Johannes Hellstrom; Editing by Mark Potter)

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Starting a Business

This Retiree's Leisurely Side Hustle Makes $66,000 a Year and, 'You Don't Even Need to Go to High School to Do It'

Barbara Hill wanted a flexible, part-time job that would transition well into retirement. Now she mentors younger people who are making over $200,000 a year. Here's her insider's guide to getting started.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Business News

HP Wants You to 'Never Own A Printer Again,' Launches Rental Subscription

In February, HP's CEO Enrique Lores stated that making printing a subscription service was the company's "long-term objective."

Growing a Business

How Tech Companies Can Harness the Power of Non-Verbal Communication for Enhanced Efficiency

Soft communication is more important for modern businesses than ever before. Here's why.

Business News

Jeff Bezos, Microsoft, and Nvidia All Decided To Invest in a $2.6 Billion Humanoid Robot Startup

Robotics startup Figure AI wants to help industries "where labor shortages are the most severe."