Jay-Z sells the majority stake in Tidal music streaming to Jack Dorsey’s Square. After selling Tidal for $297m, Jay-Z and the Twitter co-founder will be business partners.
Hip-hop mogul, Jay-Z, has sold a majority ownership stake in TIDAL!
On Thursday (Mar 4), it was announced that the mobile payments company, Square Inc., expects to pay a mix of cash and stock of $297 million. In addition, TIDAL will work independently within Square alongside the Seller and Cash App work environment. Furthermore, this deal allows Square to extend its platform to artists by giving them; systems, tools, and financial freedom to reach their goals.
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Jay-Z is expected to join Square’s Board of Directors after the deal closes. Also, TIDAL’s existing artist shareholders will continue to be co-owners.
“I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” says Shawn “JAY-Z” Carter. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.”
After closing the deal, Jay-z also returned to Twitter. While on the social media platform, the mogul celebrates the announcement and shares a TIDAL playlist of inspiring songs. “This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!” he added.
Back in December, it was reported that Jay-Z was in talks with Dorsey to sell TIDAL. Apparently, the decision was part of a push for Square to diversify. Furthermore, the Square deal arrives less than two weeks after JAY-Z stated that he would sell 50 percent of his luxury champagne brand, Armand de Brignac aka Ace of Spades, to LVMH Moët Hennessy Louis Vuitton.
