Adept in the art of rap and business, the Brooklyn native placed a 464 million Krona (about $56 million) bid. The company’s reviewing board has reviewed the lofty tendering of cash, and has recommended that shareholders accept the offer.
To be clear, the purchasing process is a bit more complicated than Jay simply passing over a check. Project Panther, a subsidiary of S. Carter Enterprises, ponied up the fee for Aspiro, the parent company of Tidal and a similar service called WiMP.
For context, WiMP netted over half a million paying subscribers without much traction stateside prior to Tidal’s launch.
Rest assured that Jay Z will use his star power to propel the services into the spotlight, a power move that could put the brand on track to eventually compete against Spotify and Beats Music’s massive followings.
Per usual, Jigga Man sees cash on the table, and he’s going to take it.