Yesterday, Norwegian paper Dagens Næringsliv reported that Jay Z had served a legal notice to the former owners of Tidal, then publicly run by Swedish company Aspiro AB, for misrepresenting the number of subscribers that its WIMP and Tidal streaming services accrued. Today, the paper obtained and published a copy of what they claimed is the letter, which was sent to several of the company's former shareholders, including Streaming Media AS which controlled a 75.9 percent stake in Aspiro. (Tidal declined to comment on the veracity of the letter.)
The letter, sent by Swedish law firm MAQS Advokatbyrå on behalf of Tidal's holding company Project Panther Bidco Ltd., says that Panther conducted due diligence between late 2014 and the Jan. 30, 2015 bid to buy the company. In reviewing the contracts and financial information provided -- much of which was public information -- Panther was informed that Aspiro's streaming services had accumulated 540,000 subscribers, which it has since alleged was not the case.