Norwegian media corporation Schibsted has accepted a bid for its technology subsidiary Aspiro from Project Panther Bidco of SEK 464m. For music consumers, Aspiro is known as the main owner of streaming service WiMP/Tidal.
Project Panther is controlled by S. Carter Enterprises which in turn is owned by rapper Shawn Carter, perhaps better known as Jay-Z.
Project Panther Bidco Ltd has, on 30 January 2015, through a press release, announced a public offer to acquire all the shares of Aspiro AB for the price of SEK 1.05 for every share in Aspiro. The Offer values the equity of Aspiro at SEK 464 million, and will be settled in cash. Schibsted ASA has, through its subsidiary Streaming Media AS which Schibsted co-owns with Platekompaniet AS and Verdane Capital VIII, accepted the offer.
Says Trond Berger, CFO of Schibsted ASA, in a press statement: – Schibsted and Streaming Media have been active owners of Aspiro for 3 years, and there has been significant progress made by Aspiro during this period. Schibsted believes there is a lot of potential for further growth of the Company. However, Aspiro needs substantial expansion capital and a strong and dedicated owner to be able to grow and compete on the global music streaming market. For Schibsted, Aspiro is not regarded as a core activity, and we wish to allocate our financial resources to Schibsted’s core operations. Panther, which is controlled by S. Carter Enterprises, LLC, has adequate financial resources and a high level of competence in the music industry. Hence, I think they will be a better owner to lift Aspiro and its advanced music streaming service to a new level.
Schibsted owns approximately 75% of the shares in Streaming Media AS, which owns approximately 76% of the shares in Aspiro.
Additional info from Schibsted HERE.