We thus believe accepting a 60% bid premium is a far better risk/reward recommendation. In my opinion, the recommendation to not accept the offer involves high risk, as it is well known that Aspiro is currently unprofitable and in need of capital within 12 months, and the current majority shareholder has indicated it is not willing to support this capital need. We have accumulated more than 10 percent of the owners, which is enough to block it."īut Fredrik Bjørland, chairman of Aspiro's committee for the Project Panther bid, hit back at the minority shareholders, explaining that accepting Jay Z's offer was the only way the company could continue: Investors who together owned just over 10% of the company issued a statement saying that they would not authorise an acquisition by Jay Z: "We will recommend our members say no to the offer. It took a while to get the deal doneĪ group of minority shareholders in Aspiro grouped together to try and block the deal. Roc Nation boasts an impressive roster of talent, including executives from established music labels. It helps organise live shows, promote boxing, and manage musicians and sports stars. Jay Z's biggest business, though, is Roc Nation, his entertainment company started in 2008. Jay Z's champagne company specialises in giant bottles. He cofounded the Rocawear clothing line, co-owns the 40/40 line of bars and clubs, and acquired the Armand de Brignac champagne company. At some point, you have to have an exit strategy, because your window is very small you’re going to get locked up or you’re going to die.īut as well as music, Jay Z has also built a career as an entrepreneur and investor. Things you can get in easily to get out of life. Or if you want to start some sort of barbershop or car wash - those were the businesses back then. To be in a drug deal, you need to know what you can spend, what you need to re-up. Here's what he told Vanity Fair magazine in 2013: Jay Z has also admitted dealing drugs as a teenager. He initially pleaded guilty to the charges, but later accepted a misdemeanour charge and he received a three-year probationary sentence. Jay Z was arrested on suspicion of stabbing record executive Lance Rivera at a party because he believed that he had been creating unlicensed copies of his latest album. It wasn't a smooth ride to the top, though.
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This is the full story of how Jay Z took over an obscure Scandinavian telecoms company in the hopes of staging a revolution on behalf of artists who feel they aren't being properly paid in a world where no one buys CDs anymore. Fans remain largely confused as to why Tidal even exists - it offers streaming music at twice the price of Google, Apple, and Spotify. It also got sued by one of the record labels it was hoping to help and was immediately eclipsed by the launch of Apple Music.
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It was acquired by Jay Z, had been the subject of a secret meeting in California attended by Daft Punk, Kanye West, and Rihanna, and was then catapulted into the mainstream at a star-studded press conference.īut the backlash began soon after, as the company was forced to deal with the departure of a series of key executives. It was a tiny player in the music-streaming world, and nobody paid much attention to it.īy the end of March, Aspiro had become one of the most talked-about technology companies in the world. It had grown up in the years before the iPhone, providing services for Nokia and Ericsson feature phones. It's the line-up of world-famous musicians that has been Tidal's biggest selling point, but, as one streaming expert told us, it could also be its undoing.Īt the start of January, before Jay Z got his hands on it, Aspiro AB was a niche European media-technology company known mainly for its high-end, expensive music-streaming service called WiMP. Which I like, now that I understand the vision."Ĭlearly, Jay Z has influence in the music industry, and he has used that power to assemble an all-star cast for his streaming service. "It's sort of an old-school record store. "I get it much better now," lead singer Marcus Mumford said. The band referred to Jay Z and his fellow Tidal supporters as "new school f- plutocrats," but they changed their minds after a phone call from one of the most powerful men in rap music. He also called up the band Mumford & Sons, who previously criticised Tidal in an interview. They wanted to emphasise that Tidal was all about a personal connection between musicians and their fans.īut Jay Z didn't stop there. Some of Jay Z's musician friends also made calls, including Jack White.
"This is the best customer service call I’ve ever received," one fan exclaimed.
Staff at Roc Nation, Jay Z's sports- and entertainment-management company, listened as fans reacted with shock to phone calls from Jay Z. Account icon An icon in the shape of a person's head and shoulders.
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