Earlier this year, Brooklyn’s own Jay Z would be trying his hand at the music streaming industry with an 8-figure bid to buy European streaming service Aspiro. Well, it appears that not all business venture’s come with a ribbon-wrapped bow. Today, it’s been reported by Swedish publication Dagens Industri that Hov’s $56,000,000 bid was rejected by the company’s minority stockholders after being unanimously excepted by the board. And while he’s not exactly out of the race to purchase the highly-coveted streaming service (with the terms of his offer ending next week on March 11th) the shareholders will continue to work out more favorable terms for themselves. And while Jay’s Brooklyn Nets venture didn’t exactly pay out the way he had hoped, based solely on the size of this bid, we’re thinking the shareholders might just have a change of heart in the 11th hour. On the other hand, it might just be a safer bet to take that hefty offer and buy into say, Spotify or Beats, both of which have a commanding hold on the streaming industry, but you know how the story goes; whatever Jay Z wants, he most certainly gets.
*UPDATED*
Jay Z may have been stifled by the minority shareholders of Aspiro when he put in his massive $56,ooo,ooo bid last week, but it appears now board could hold Hov down. Today it was announced that Jay’s 8-figure bid — submitted through his own Project Panther Bidco company — was accepted by the shareholders (called it) who command only 10 percent of the company. While Aspiro has been getting most of the shine in matter, it’s really the company’s lossless streaming platform Tidal that everyone’s been after, as it offers a quality 4x greater than what comparable platforms provide (Spotify, Beats, Apple’s forthcoming streaming endeavor) allowing consumers to stream hi-fidelity audio wherever they’re at, whenever they want it. Hov is expected to make the official announcement of the acquisition any day now, so be on the look out for that.