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JAY Z SLAPS ASPIRO, ET AL, WITH $15M SUIT

Jay Z has begun his second year at the helm of Tidal by filing a $15m lawsuit against the previous owners, claiming they gave him inflated subscriber numbers.

Named in the suit, first reported in the Norwegian press, are Scandinavian company Aspiro, major shareholder Schibsted Media Group and Stockholm-based private equity fund Verdane Capital.

"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 company said in a statement sent to USA Today. "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."

In response to the news of the suit, Schibsted's Anders Rikter told Norway's BreakIt news agency that “we want to point out that it was a publicly traded company that was acquired, with what it means by the transparency of financial reporting. Otherwise, we have no comments.”

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