Jay Z has paid $56.2m (£37.5m) for Swedish media technology company Aspiro, according to local news reports.
Aspiro, which reported an operating loss of SEK41.5m (£3.23m) last year, has accepted the offer from S. Carter Enterprises’ Project Panther Bidco, despite opposition from minority shareholders.
The Swedish company owns music streaming services WiMP and Tidal which are available in six European markets (Tidal is also available in the US) and boasted 35,000 paying customers in January.
Minority shareholders in Aspiro said Jay Z’s initial offer did not sufficiently value its long term potential, nor reflect the level of investments made in the company last year.
Yet Swedish news outlet E24 quotes Frederik Bjorland, head of the committee in charge with reviewing the offer, saying an assessment had recommended it was accepted.
Schibsted, Aspiro's largest shareholder, said S. Carter Enterprises would be "a better owner to lift Aspiro and its advanced music streaming service to a new level".
Aspiro and S.Carter Enterprises are yet to confirm the deal and both were unavailable for comment when contacted by City A.M.
It is unclear what Jay Z’s plans are for Aspiro (which offers curated playlists, exclusive downloads and editorial features), but it seems likely to be integrated with the stable of artists signed to his Roc Nation label.