Jay Z has acquired European music streaming service WiMP for $56 million USD according to reports. A Scandinavian company, WiMP was recently taken over by Project Panther Bidco Ltd – one of Jay Z's businesses.

An insider at Project Panther Bidco has confirmed that WiMP was bought for 464 million Swedish crowns ($56 million) in cash.

WiMP is one of the most popular and used music streaming services in Europe, and directly competes with Spotify. 

45-year-old rapper Jay Z is one of the world's biggest selling recording artists of all time, and has sold over 100 million records worldwide. Last year, Forbes estimated that his net worth was around $520 million. Jay Z – real name Shawn Corey Carter – also has 40/40 Club sports bars and Rocawear clothing in his rising business empire.