Business

After Crescendo, Jay Z’s Tidal Stock to Go off the Market

In this May 1, 2013 file photo, Jay-Z arrives at "The Great Gatsby" world premiere in New York City’s  Avery Fisher Hall. In a statement posted on his website on Friday, Nov. 15, 2013, the entertainer said that he’s planning to move forward with his scheduled collaboration with Barneys New York despite allegations that black shoppers had been racially profiled at the high-end retailer.  The posting went on to state that he agreed to the launch of his BNY SCC collection under the condition he could serve on a newly-created council convened by the store to deal with racial profiling. (Photo by Evan Agostini/Invision/AP, File)
In this May 1, 2013 file photo, Jay-Z arrives at “The Great Gatsby” world premiere in New York City’s Avery Fisher Hall. (Photo by Evan Agostini/Invision/AP, File)

Mike Snider, USA TODAY

 

(USA Today)—Just two days after shares in Aspiro skyrocketed more than 1,000%, the company will be delisted after trading ends today.

Earlier this year, hip-hop mogul Jay Z bought more than 90% of the Scandinavian company, which operates the Tidal and WiMP streaming music services in the U.S., U.K. and Europe. The takeover rules require any other stockholders to sell their shares for 1.05 crowns each — the bid price — once the company is delisted from Nasdaq Stockholm.

On Monday, Jay Z held a press event announcing the relaunch of Tidal with a $9.99 monthly subscription in addition to its $19.99 monthly high-definition subscription. The higher resolution music quality is equal to that of compact disc bit rates and sampling rates; the $9.99 normal quality is comparable to competitors Spotify and Pandora.

 

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