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Photo: WENN
Jay Z's plan to create a streaming service to rival Spotify may be in jeopardy, with the rapper's bid to buy Aspira reportedly blocked by minority shareholders.
The mogul recently made headlines after putting in a $56 million bid to buy the Swedish company, which controls streaming services WiMP and Tidal, but that deal has now been held up with some shareholders no longer on board with his plans.
Fact reports that some shareholders were displeased with Jay Z's terms, and have since questioned his ability to take the project to a wider global market.
A decision is expected to be made by 11 March, when the offer's acceptance period comes to an end, however Fredrik Bjørland, chairman of an independent committee involved in the deal revealed to the magazine that he is confident the deal will still go through: "We still believe the offer from [Jay Z's company Project] Panther is attractive for both the company and its shareholders, and recommend the offer based on this," he said.
"We have learned from the press that some of the organizations representing minority shareholders have recommended to not accept the offer. [That] recommendation to not accept the offer involves high risk."
Jay Z himself or a representative for Sean Carter enterprises are yet to comment on the postponed decision from the shareholders.
The services the rapper wants to buy uses lossless files for music, which are of a higher quality than most music streaming services available at the moment, meaning that if the deal goes through the market could be revolutionised.
