Jay-Z's Tidal signals legal action against former owners
A business controlled by rapper Jay-Z has notified the former owners of the Tidal music service of a potential compensation claim, claiming they overstated the number of subscribers they had before the sale.
Project Panther Bidco bought Tidal's Scandinavian parent company for 56 million dollars (£39 million) a year ago. The firm claims it was misled about how many people subscribed to the service, suggesting the price tag was too high.
"The total number of subscribers was 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," Tidal said in a statement.
Norway-based Schibsted Media Group, the biggest of Tidal's previous owners, said: "We disagree with the accusations in the letter and any potential claims."