JAY-Z Sues Previous Tidal Owners For Hustling Him
Our beloved hustler got hustled!
JAY-Z has filed a $15 million lawsuit against the former owners of Tidal for inflating the amount of subscribers the music streaming service to lure him into purchasing it.
Via USA Today:
The legal action was first reported by Norwegian press as a “giant lawsuit” seeking $15 million from Scandinavian company Aspiro and major shareholders Norway’s Schibsted Media Group and Verdane Capital, a Stockholm-based private equity fund. Jay Z launched Tidal in the U.S. one year ago after paying Aspiro $56 million.
“It became clear after taking control of TIDAL and conducting our own audit that the total number of subscribers was actually well below the 540,000 reported to us by the prior owners,” the company said in a statement sent to USA TODAY. “As a result, we have now served legal notice to parties involved in the sale. While we cannot share further comment during active legal proceedings, we’re proud of our success and remain focused on delivering the best experience for artists and fans.”
In response to the news of the suit, Schibsted’s Anders Rikter told Norways’ BreakIt news agency that “we want to point out that it was a publicly traded company that was acquired, with what it means by the transparency of financial reporting. Otherwise we have no comments.”
In other Tidal news…
JAY-Z is reportedly looking to expand the music streaming service by adding movies and original content featuring various Tidal artists.
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