*Jay Z has issued legal papers to the former owners of Tidal’s previous parent, Aspiro AB, for lying about the business specifics of the streaming service when he purchased it for $56 million last year, reports Billboard.
Reps explained to Billboard that there is currently no lawsuit, but that the legal papers serve notice that one is possible as Tidal considers its options moving forward.
According to Billboard, Jay said the subscriber numbers that were provided to him at the time of purchase in January 2015 totaled 540,000. Tidal’s current parent company — Jay Z’s Project Panther Bidco holding company — sent a letter to a number of Scandinavian companies who comprised the primary shareholders in the then-publicly-traded service announcing its intention to sue, claiming the number of subscribers was a strong variable in its sale price.
Tidal, in a statement provided to Billboard, painted the suit in a more positive light, indicating that the original low subscriber numbers made its three million benchmark announced on Tuesday all the more impressive.
“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 statement said. “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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