Jay Z's $56 Million Streaming Service Bid Rejected

Jay Z's $56 Million Streaming Service Bid Rejected
Earlier this year, rap mogul Jay Z attempted to break into the expanding world of music streaming by placing a $56 million bid on the Norwegian company Aspiro, which owns the services Tidal and WiMP. It's not going quite as Hova planned, however, since Aspiro's minority owners have rejected his offer,

More than 10 percent of the minority owners have blocked the bid, reports AFP. If Jay Z still hopes to buy the company, he will need to amend his offer, either by coughing up more money or by agreeing to a lower percentage of the company; he previously sought a 90 percent stake.

Apparently some folks at Aspiro think that the company has more future potential than is reflected by the rapper's offer. (WiMP reportedly has over half a million paying users in Scandinavia.) They haven't yet heard back from Jay, and it's up to him whether to continue to pursue a deal.

Jay made the bid through his Project Panther company. Aspiro's majority owner Schibsted accepted, meaning that it was up to the minority owners to intervene.

It remains to be seen whether this is the end of Jay Z's attempt to get into the streaming business or just the beginning. Certainly, Dr. Dre has proved that it can be very profitable for artists to get into that business, since his headphones company Beats (and its streaming service) were purchased by Apple last year for $3 billion.