Jay Z is said to be buying a Scandinavian Music streaming service for a huge $56 million (£37 million).
The millionaire rapper and business mogul is hoping to snap up Sweden-based Aspiro - which rivals Spotify in some countries - through Project Panther Bidco (an arm of his company).
A spokesperson for S. Carter Enterprises told People: "Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption.
"Panther believes that the recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music."
The move will put the rapper in competition with Beats Music, which was founded by Dr Dre and bought by Apple in 2014.
Thought the deal has yet to be sealed, it looks likely to go ahead as the Swedish company published a press release welcoming the offer.
They said: "Panther is deemed to possess the capacity to develop the company in a privately owned environment."
www.mirror.co.uk
www.mirror.co.uk
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