Hip-Hop mogul acquires music streaming company Aspiro for $56m

Roc Nation boss Jay Z has expanded his business portfolio with his latest acquisition, a Switzerland tech company 'Aspiro'.

The Hip-Hop mogul reportedly bought the company for a sum of fifty-six million dollars in cash.

Aspiro owns two music streaming services, the ad-free WiMP and the high-definition add-on Tidal.

Jay Z's bid was was accepted by Aspiro's main shareholder Schibsted. Jay Z made the bid through his company Project Panther Bidco Ltd.

Analysts are hinting that Jay Z is getting set to take on the popular music streaming service Spotify with his recent acquisition.