Rapper Jay Z Sues Former Tidal Owners For $15million

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Veteran American Rapper JayZ who rebranded Tidal to his company after he acquired it from former owners, is now suing them for misleading him about its performance.

The UK Guardian reports:

Lawyers for the musician turned millionaire businessman has reportedly written to venture capital firm Verdane and Scandinavian media conglomerate Schibsted saying they “significantly” exaggerated the service’s number of users.

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The two companies sold Aspiro,  that became Tidal, to a consortium led by Jay Z that also included “artist-owners” Madonna, Beyoncé and Rihanna for $57m (£40m) in March last year. Jay Z is said to be seeking about $15m, according to Norwegian media.

Tidal said: “We are excited that one year after Tidal launched, we have surpassed 3 million subscribers globally. The growth in our subscriber numbers has been even more phenomenal than we’ve previously shared.
“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. 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.”

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