Jay-Z Is Buying HiFi Streaming Services Tidal and WiMP

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Hi-fi streaming service Tidal recently expanded to the Netherlands, Finland, Ireland, Belgium, and Luxembourg. The service was already available in the U.K., U.S., and Canada. Now, Tidal and its related streaming service WiMP, could have the resources for further expansion.

Project Panther Bidco, owned by Jay-Z, has made an offer to buy Aspiro AB, the company behind WiMP and Tidal. Panther is offering about 464 million Swedish kronor ($56 million) for the company.

On January 29th, Aspiro’s closing share price was SEK 0.66. Panther is offering SEK 1.05 per share.

Panther has entered an agreement to purchase 75.9 percent of shares, but hopes to acquire at least 90 percent. Aspiro’s board of directors wants all shareholders to accept the offer, as they will need funding and resources to carry out their “strategic plan”.

Aspiro is offering incentives to its top executives to stay in their positions if the takeover goes through. If they remain in their positions for six months following the deal, CEO Andy Chen will receive SEK 3 million ($362,234), and CFO Christopher Hart, CCO Peter Tonstad, and CTO Rune Lending will receive SEK 3.3 million ($398,457). An increased purchase price would mean increased incentives.


Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u

9 Responses

  1. jw

    Hard to watch the Nets this season, but otherwise Jay Z seems very, very on it with his business deals.

    I hope this goes through. And I hope that this gives Spotify an incentive to up their fidelity.

    For what it’s worth, I think Pono went a long way towards getting the higher-than-mp3-res audio conversation started, & made room for a service like Tidal to become relevant in the U.S. sooner than later. Personally, I would love it if the Tidal catalog was the mastered-for-audiophile releases that better-than-cd quality releases (SACD, DVD-A, hi-res FLAC, etc) enjoy. That’s the most audible benefit those formats offer.

    • john

      he had to divest from the team to become a sports agent i believe.

      very interesting development, i guess he wants his shot to steal the spotlight from Dre.

      • jw

        You’re right, I thought he was still holding out on representing basketball players. But I guess when you hook Kevin Durant you gotta drop the Nets.

        Savvy move, Hov’.

  2. Name2

    We may have hit a tipping point, though. Except for that hi-res market, sold music over the last 15 years has been either DRM’ed, soundwalled, chopped down to 128kbps, lost to hard drive crashes or just carelessly remastered for consumer digital. HDTracks and Pono represent, potentially, a last chance to deliver a digital product that does not show its utter contempt for paying customers.

    It’s little wonder so many music-buyers have moved on to gaming, home video, etc. It turns out that some people are actually not masochists.

  3. Rap is Over

    Everyone acts like Jay Z is some genius. He plays a role that the mass media like – rapper with some brains who sells raw, uncaring capitalism. His music is seriously average compared to hip hop greats of the past like Public Enemy, and Ice Cube. He has no real message except I was a criminal and I made it, and has openly celebrated being a thug to get ahead. His wife is also a giant hack. His leadership at Def Jam was short and unproductive, other than maybe Rihanna, who was a no-brainer decision handed to him pretty much complete. He got to grunt at the beginning of Umbrella – wow, great legacy. Charlie Rose uses him to get street cred – you must be kidding.

    Who cares what this guy does?

    • Name2

      Not a rap aficianado by any means, but I saw Jay-Z live as a complete NooB when he co-headlined with Mary J. Blige and carried along some 15-20 live musicians.

      Frankly, his performance was stunning. I’m not surprised he’s a reliably hot ticket.

      • jw

        Jay Z is awesome. The Black Album is one of hip hop’s greatest contributions to music, & Jay is a consummate performer.

        Public Enemy are awesome, too. It’s not mutually exclusive.

        Haters gonna hate.

    • hfi

      “His leadership at Def Jam was short and unproductive” LOL. Ask anyone at the top of UMG if that’s true and they’ll laugh in your face. Def Jam was breaking acts and very profitable under his leadership, the best decision he ever made was to quit and start his own entertainment company, Def Jam struggled for years to find a good enough leader to match his stint.