JAY Z Bid for Music Streaming Service Blocked by Shareholders

JAY Z has hit a roadblock concerning his latest venture. The hip-hop mogul’s $56 million USD bid to acquire Aspiro, a European music streaming service has been rejected by the company’s 10% minority shareholders. Despite having reached an initial agreement with Aspiro’s board of directors, the deal remains in limbo due to the shareholder’s vote. The parties will continue to negotiate during the acceptance period for JAY Z’s offer, which concludes on March 11. Expect an update within the week. In the meantime, head over to HYPETRAK for breaking news from the music realm.