US rap star Jay Z will make a -million foray into the music streaming business by taking over the Norwegian service Wimp, its shareholders confirmed Friday. The platinum-selling artist and record producer Jay Z used his controlling stake in Project Panther Bidco to launch the 464-million-kronor (-million, 49-million-euro) bid for Aspiro, the Swedish-listed company behind Wimp. "I think they will be a better owner to lift Aspiro and its advanced music streaming service to a new level," said Trond Berger, the financial director of Norwegian media group Shibsted, currently Aspiro's majority owner. He said in a statement that Jay Z's company "has adequate financial resources and a high level of competence in the music industry".
Source: Yahoo Music
Link: Jay Z to acquire Wimp music service