Entertainment

Jay Z to Snap Up Music Streamer Aspiro in $56 Million Deal

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)

 

(Reuters) – Hip-hop star Jay-Z is buying a Scandinavian music streaming company for $56 million to add to a business empire that has spanned clothing and sports bars.

Project Panther Bidco Ltd, a company controlled by the 45-year-old rapper, said on Friday it had agreed to buy Sweden-listed Aspiro for 464 million Swedish crowns ($56 million) in cash.

Shares in Aspiro, which runs music streaming service WiMP, leapt 59 percent in early trading to the bid level of 1.05 crowns per share.

Jay-Z, real name Shawn Corey Carter, is one of the world’s best-selling music artists of all time, having sold more than 100 million records. Forbes estimated last year that his net worth was $520 million.

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