JAY Z to Acquire European Music Streaming Service for $56 Million

JAY Z continues to flex his business acumen, this time getting into the music stream services business through newly $56-million dollar acquisition of WiMP. The Scandinavian music streaming company was taken on by Project Panther Bidco Ltd, a company ran by Jay Z who did in fact confirm that both sides agreed on the sum of 464 million Swedish crowns ($56 million) in cash. WiMP is currently one of the most popular streaming services in Europe and is seen as a direct competitor to Spotify in the market.