STOCKHOLM Jan 30 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
His mix of music and entrepeneurial 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)