Jay Z is making yet another power move as he turns his attention towards the music streaming industry.
According to Rolling Stone, Jay Z has put in a $56 million bid for Aspiro, the Swedish company that controls music streaming services Wimp and Tidal.
A spokesperson for Shawn Carter Enterprises confirmed that Project Panther Bidco, a company under the SCE umbrella, was pursuing an acquisition of the music service in a statement.
“Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption,” the statement explained. “Through the subscription services WiMP and TIDAL, Aspiro offers a complete experience of higher HiFi quality. The platform encompasses audio, video and integrated editorial features.”
A press release by the Aspiro board revealed that an approval may be on its way saying, “the Independent Bid Committee within Aspiro’s board of directors has decided, as further set out below, to unanimously recommend all shareholders of Aspiro to accept the offer.”
If Jay Z’s bid is to be accepted he will gain full control over both WiMP and Tidal.