Jay Z will buy music streaming service Aspiro for $56 million

Jay Z is taking on Spotify — he's purchased his own streaming service, the Scandinavian company Aspiro, for $56 million.

Project Panther Bidco Ltd, a company Jay Z controls, told Reuters on Friday that it decided to purchase Aspiro because it was "an innovative, high-quality company with strong future growth potential."

The Norwegian media group Schibsted, Aspiro's main shareholder, said it had accepted the offer, and Aspiro's board is "united in recommending the bid," according to Reuters.

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