Jay Z stumbles in bid for music streaming company

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Minority owners of Norwegian music
streaming service Wimp announced Wednesday
they had blocked rap mogul Jay Z's $56-million
bid and said the ball was now in the rap star's
court.
Over 10 percent of the minority owners of Wimp's
parent company Aspiro had rejected the bid,
meaning Jay Z has to amend his original offer for
a 90-percent stake in the company, the Swedish
Shareholders' Association said in a statement.
"The bidder has not reacted, either by
withdrawing the bid, raising the offer or lowering"
the percentage sought, it said.
The minority owners who believe Jay Z's bid
undervalued the company's future potential had
yet to hear back from from the platinum-selling
artist.
Jay Z used his controlling stake in Project
Panther Bidco to launch a 464-million-kronor
($56-million, 49-million-euro) bid for Aspiro that
was accepted early on by majority owner
Schibsted, which controls 76 percent of the
Swedish-listed company.
At the end of the third quarter of 2014, Wimp said
it had 512,000 paying users in Scandinavia,
Germany and Poland.
That is a far cry from its Nordic rival Spotify, a
pioneer in the streaming music business with over
15 million paying subscribers.
Jay Z's expected takeover of Wimp would see the
rapper vie for a slice of the music streaming-
market pie, with Apple having acquired Beats
Music from another rap star, Dr Dre, in a much
publicised $3.2-billion deal last year.
In addition to several music-related ventures Jay
Z has branched out into fashion and last year
bought the champagne brand Armand de Brignac,
which boasts an ace of spades on its label.

Source: news24

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