(Bloomberg) — Jay Z is expanding in music streaming to take on Spotify Ltd. and Apple Inc.’s Beats.
The rapper’s holding company S. Carter Enterprises LLC agreed to buy Aspiro AB, the maker of the Wimp and Tidal music services, for $56 million, according to statements from the companies today. The bid by Jay Z, whose real name is Shawn Carter, led to a 58 percent jump in Aspiro’s share price in Stockholm.
The takeover is the latest business venture for Jay Z, who has invested in a record label, restaurants, clothing, a talent agency and champagne. He’s one of several rap stars who have leveraged their celebrity to become entrepreneurs. Andre “Dr. Dre” Young sold his Beats headphones and streaming brand to Apple last year for $3 billion.