Hip hop superstar Jay Z wants to expand his music empire by buying a Swedish streaming music business, one that will put him in direct competition with Spotify and Apple's Beats.
A company owned by Jay Z—Project Panther Bidco—began negotiations with Swedish streaming company Aspiro in December. According to a statement released Friday morning, the company's board has recommended that all shareholders accept the Project Panther takeover offer of $56 million.
Aspiro, which is publicly traded in Sweden, operates streaming music subscription services WiMP and Tidal. The acceptance period of the offer runs from Feb. 19 to March 11.