Jay Z is about to throw his hat in to the music streaming service ring. The music mogul will likely compete with services like Beats Music, Google Play and Spotify after making a bid on the Scandinavian company Aspiro, which owns the streaming service WiMP.

Reports say that Hova's company, Project Panther, placed a bid on Aspiro for a cool $56 million in cash, or 464 million Swedish crowns. While the deal isn't completely final yet, it's reportedly been encouraged by the company's board of directors, and the main shareholder of Aspiro has accepted the offer- it is now subject to a shareholder's agreement. Thus everything will be formally finalized in the near future.

Project Panther had reportedly been following the music streaming company for some time, and said it was "an innovative high-quality company with strong future growth potential". For those unfamiliar with WiMP, it's a streaming service that is increasing in popularity in Europe. We'll have to see where Hov takes it.

[via HipHopNMore]