Jay Z Is Suing TIDAL's Former Owner

Before being acquired and renamed by Jay Z, Tidal was owned by the Norwegian media company Schibsted. Now, Jay Z is accusing Schibsted of inflating total subscriber numbers entering their $56 million deal with the rapper. Tidal released an official statement saying:

"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. As a result, we have now served legal notice to parties involved in the sale."

A Schibsted spokesperson responded to Billboard stating:

"We disagree with the accusations in the letter and any potential claims...We would like to point out that the company was listed on the stock exchange with everything that entails regarding transparent financial reporting."

According to HotNewHipHop, Jay Z is suing for a sum in the "region of 100 million," which is probably in Norwegian currency. In total, the lawsuit is worth USD$15 million.

This recent legal trouble may not be added to Tidal's ever-growing list of unfortunate situations. In the short-run, the publicity may not help its overall value, but with Jay Z making the accusation on Schibsted, Tidal cannot be accused in the future for inflating their own numbers.

Image: Consequence of Sound