A company with links to the rapper Jay Z has just brought the Swedish-based music streaming business Aspiro, a site which offers audio and visual content on a subscription basis. A decision to agree to the sale was announced on the company’s website on January 30, 2015.
Project Panther Bidco Limited, which is linked indirectly to S. Carter Enterprises LLC, publicly announced its decision to make an offer for Aspiro earlier this year. According to a press release issued by Mooreland Enterprises, which will be advising Aspiro on the bid, the offer values the company at $56 million.
In a statement, Peter Globokar, Managing Director, Mooreland Partners, said:
"While the offer is in its early days, once completed it will likely lift Aspiro and its advanced music streaming service to a new level. This is another landmark transaction in the digital media space advised by Mooreland."
The bid will mean that Project Panther Bidco will own at least 90% of the business and will be just one of many music-related businesses that is owned by S. Carter Enterprises. It is thought that there are big plans for Aspiro, with global expansion and further developments of the Aspiro business.
Commenting on the decision to accept the offer, Aspiro said:
“After having reviewed the Offer and the Offer documentation in connection therewith, the Independent Bid Committee is of the opinion that Panther, indirectly owned by SCE and controlled by Shawn Carter, possesses the proprietary relationships, industry knowledge, as well as economic strength and the necessary commitment in order to realise Aspiro’s strategic plan of expanding the Company’s business and brand globally.”
In a statement on the Aspiro website, where it was announced that they would accept the offer, the company said they first heard about the intention to make a bid in December 2014, and Shawn Carter Enterprises has already undertaken due diligence.