Jay Z Makes $56 Million Bid To Buy Spotify Rival Tidal

A business controlled by rapper Jay Z has made a $56 million offer to buy the Scandinavian music streaming company Aspiro.

Project Panther Bidco Ltd. has offered 1.05 Swedish kroner (13 cents) in cash per share of Aspiro AB. Aspiro's board has recommended that shareholders accept the offer. The deal is subject to Panther buying more than 90 percent of the shares and getting regulatory approvals.

Aspiro is based in Malmo, Sweden, and runs music streaming subscription services that offer high-fidelity songs, which many audiophiles prefer over MP3s and other formats that reduce quality in the compression process.

In the U.S., its Tidal service is available for $20 a month. Aspiro also operates in some European countries under the Tidal or WiMP brands, and Panther wants to expand that globally.

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