Jay-Z to take legal action against former Tidal owners

Jay-Z, who is the present owner of the music streaming service Tidal, has notified its former owners of potential compensation claims, saying they overstated the number of subscribers before the sale.

Project Panther Bidco Ltd bought Tidal's Scandinavian parent company, Aspiro, for $56 million a year ago. But now it says it was misled about how many people subscribed to the service, suggesting the price tag was too high, reports News24.com.

Tidal released a statement that read, "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."

It is being said that the previous owners have confirmed that they have received the letter and they disagree with the accusations and any potential claims.